Coinbase has expanded trading access for New York residents by listing four altcoins—Subsquid (SQD), Celestia (TIA), Bittensor (TAO), and XYO (XYO)—following its acquisition of a BitLicense from the New York State Department of Financial Services. This regulatory approval, mandated under the state's 2015 Financial Services Law, required a $5,000 fee and rigorous risk assessments. The tokens are now available on Coinbase's web and mobile platforms for trading, conversions, and storage.
This marks the third regional listing for SQD in the past month, after previous launches for global and EU audiences. TIA was originally listed in 2023, TAO five months ago, and XYO earlier still. Due to these prior availabilities, the New York expansion caused minimal immediate price impact. The launch occurred amid broader market declines, with all four tokens trading negatively at the time.
Notably, Bittensor recently attracted institutional investment, while Celestia surged after revealing a $100 million treasury. XYO, however, has declined for three consecutive months without comparable catalysts. Coinbase's stock has risen 38% over the past month despite regulatory hurdles like the BitLicense, which Mayor Eric Adams previously sought to abolish.