Coinbase Markets has launched an auction phase for its new USDC-BRL trading pair, a controlled price-discovery mechanism used when onboarding new pairs. The auction will run for a minimum of 10 minutes, during which traders can place limit orders but no transactions will execute until a single closing price is established. This initiative is part of Coinbase’s strategy for Brazil, the largest economy in Latin America, where direct USDC-BRL trading was introduced around July 24. Coinbase has been running similar auctions since at least 2021 for pairs like tGBP-USDC and TURBO-USD. Volume data and market impact figures have not yet been reported.
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