Coinbase has acknowledged that users may experience delays when sending and receiving MON tokens and MONUSDC, the Monad-native stablecoin. The timing is not exactly a mystery: Monad just wrapped up a massive token sale and launched its mainnet, creating a perfect storm of transactional demand on an exchange still breaking in its new token sales infrastructure.

What happened with Monad’s token sale

Monad’s inaugural public token offering raised $269 million from 85,820 participants. MON tokens were priced at $0.025 each, drawn from a total supply of 100 billion tokens.

The sale was conducted through Coinbase’s new token sales platform, a capability the exchange built after acquiring crowdfunding platforms Echo and Sonar. This was the first major test of that infrastructure.

Early in the process, the sale faced subscription challenges. The offering ended oversubscribed, meaning demand exceeded the available allocation.

Monad’s mainnet launched on November 24, 2025, just one day after its public sale concluded. That compressed timeline meant Coinbase had to handle both the distribution of tokens to tens of thousands of new holders and the activation of a brand-new blockchain network in rapid succession.

The token distribution bottleneck

At the token generation event, 49.4% of the total MON supply was unlocked, with specific allocations earmarked for ecosystem development and team members. The remaining 50.6% of the supply was locked at launch.

The delays appear to stem from this convergence of factors: high participant count, a newly launched blockchain network, and a token sales platform that hasn’t been stress-tested at this scale before.

Coinbase hasn’t provided a specific timeline for when the delays will be fully resolved. Users attempting to send or receive MON and MONUSDC should expect slower-than-normal processing times for the time being.

Monad’s ambitions and market context

Monad positions itself as a low-fee, scalable alternative to Ethereum. The cryptocurrency sector experienced a significant downturn in mid-November 2025, which makes the oversubscription of Monad’s sale all the more striking.

What this means for investors

If you’re holding MON or MONUSDC on Coinbase, transfer delays mean reduced liquidity for affected users. If you can’t move your MON tokens off Coinbase to a decentralized exchange or a personal wallet in a timely manner, you can’t react to price movements.

With 50.6% of the total supply locked at launch, future unlock events will introduce significant new selling pressure. Investors should track the vesting schedule closely, as the initial circulating supply of 49.4 billion tokens will grow over time.