PROVIDENCIALES, Turks and Caicos Islands — Feb. 28, 2026
Executive Summary
KuCoin has been ranked among the top three cryptocurrency exchanges globally by total token listings in Animoca Brands Research’s 2025 Listing Report, reflecting sustained activity in primary-market listings throughout the year. The report documents a 31% year-over-year increase in token listings on KuCoin in 2025 and highlights the exchange’s participation in early-stage project onboarding. The findings further indicate KuCoin’s presence across a wide range of fully diluted valuation (FDV) tiers, including assets within the $30 million to $500 million and above valuation segments.
In addition to listing data, the report outlines broader liquidity and trading dynamics across valuation bands, as well as developments in the real-world asset (RWA) segment, where KuCoin ranked fifth in tokenized gold trading volume. The research positions exchange competition in 2025 as increasingly defined by listing composition, liquidity distribution, and asset diversification metrics.
Announcement Overview
KuCoin has been identified as one of the top three cryptocurrency exchanges by total token listings in Animoca Brands Research’s 2025 Listing Report, a comprehensive review of digital asset exchange listing trends and valuation segmentation across the global market. The ranking reflects KuCoin’s activity in primary-market listings and its continued onboarding of new digital asset projects throughout 2025.
According to the research, KuCoin recorded a 31% year-over-year increase in token listings compared with 2024. The report attributes this growth to sustained engagement in early-stage project listings and participation across multiple valuation bands. The exchange’s activity spans assets within the $30 million to more than $500 million fully diluted valuation (FDV) categories.
The report further analyzes broader market developments, including shifts in liquidity dynamics and valuation-based segmentation. It notes that top-tier exchanges collectively account for approximately 25% of listings within the $500 million and above FDV category, reflecting increased selectivity among higher-capitalization digital assets.
KuCoin’s ranking in the report reflects its operational presence within these listing and valuation frameworks and its role in supporting access to a diversified range of digital assets across spot and derivatives markets.
Key Announcement Details
- Announcement Type: Industry research ranking recognition
- Research Publisher: Animoca Brands Research
- Report Name: 2025 Listing Report
- Report Focus Area: Cryptocurrency exchange listing activity and valuation segmentation
- Company Ranked: KuCoin
- Ranking Position: Among the top three cryptocurrency exchanges
- Ranking Basis: Total token listings
- Primary Metric Evaluated: Number of token listings
- Comparison Basis: Global cryptocurrency exchanges
- Year Covered by Ranking: 2025
- Year-over-Year Listing Growth: 31% increase
- Comparison Period: 2024 vs. 2025
- Listing Category: Primary-market listings
- Primary Market Definition (as referenced): Early-stage project onboarding
- Project Onboarding Activity: Sustained engagement throughout 2025
- Valuation Measurement Standard: Fully Diluted Valuation (FDV)
- FDV Coverage — Lower Segment: $30 million
- FDV Coverage — Mid Segment: $100 million
- FDV Coverage — Upper Mid Segment: $500 million
- FDV Coverage — High-Cap Segment: $500 million and above
- Exchange Participation in $500M+ FDV Category: Top-tier exchanges account for approximately 25% of listings
- Liquidity Metric — First-Day Trading Volume: 1.44x to 1.78x 2024 average
- Applicable FDV Segment for First-Day Liquidity: Above $100 million
- Liquidity Metric — 30-Day Growth Rate: 2.12x prior-year average
- Fastest Growth Segment: $100 million–$500 million FDV category
- Asset Structure Category Mentioned: Real-world assets (RWA)
- Specific RWA Instrument Referenced: Tokenized gold
- RWA Ranking Achieved: Fifth in tokenized gold trading volume
- Asset Type Description: On-chain representations of traditional defensive assets
- Competitive Differentiation Factors Identified in Report:
- Listing composition
- Liquidity distribution
- Asset structure diversification
- Not listing volume alone
- Headquarters Location: Providenciales, Turks and Caicos Islands
- Founding Year: 2017
- User Base: Over 40 million users
- Geographic Reach: 200+ countries and regions
- Total Tokens Listed on Platform: 1,000+
- Core Trading Services:
- Spot trading
- Futures trading
- Institutional Offering: Institutional wealth management
- Web3 Infrastructure: Web3 wallet
- Security Certifications Held:
- SOC 2 Type II
- ISO 27001:2022
- Regulatory Registrations and Licenses:
- AUSTRAC registration (Australia)
- MiCA license (Austria)
- Chief Executive Officer: BC Wong
- Official Website: www.kucoin.com
Listing Activity and Primary Market Participation
The Animoca Brands Research 2025 Listing Report highlights KuCoin’s participation in primary-market token listings, referencing the exchange’s 31% year-over-year increase in total listings during 2025. Primary-market listings refer to the onboarding of newly issued digital assets into exchange trading environments, typically during or shortly after their initial market introduction.
The report emphasizes sustained engagement in early-stage project listings, indicating that KuCoin maintained consistent onboarding activity throughout the year. Within the broader digital asset ecosystem, listing volume remains a measurable indicator of exchange participation in token market formation, particularly in relation to project launch phases and liquidity provisioning.
The data further outlines distribution across valuation tiers, reflecting KuCoin’s operational footprint within both mid-cap and higher-cap segments. By spanning valuation ranges beginning at $30 million FDV and extending into the $500 million and above category, the exchange demonstrates exposure across multiple project maturity levels.
According to the report, the role of exchanges in 2025 continues to extend beyond aggregate listing counts, with listing composition and valuation segmentation increasingly relevant to competitive positioning within the industry.
Valuation Band Coverage and Selectivity Trends
The 2025 Listing Report presents analysis of fully diluted valuation (FDV) categories across listed assets, outlining performance and distribution metrics segmented by market capitalization bands. Within this framework, KuCoin maintains a measurable presence across the $30 million to $500 million and above FDV segments.
The report notes that top-tier exchanges collectively account for approximately 25% of listings within the $500 million and above FDV category. This statistic reflects a broader market pattern in which higher-capitalization listings are increasingly concentrated among established platforms.
Within the mid-cap segment, particularly the $100 million to $500 million FDV range, the report documents notable liquidity expansion. On a 30-day basis, projects within this band recorded growth reaching 2.12 times the prior-year average. The data suggests that mid-cap digital assets continue to represent a significant segment of listing activity and post-listing liquidity development.
The report does not frame these trends as predictive but instead presents them as reflective of the evolving structure of exchange competition in 2025, where valuation segmentation, asset composition, and liquidity characteristics collectively shape positioning.
Liquidity Dynamics Across FDV Segments
Liquidity trends form a central component of the Animoca Brands Research analysis. According to the report, projects with fully diluted valuations above $100 million recorded first-day trading volumes between 1.44x and 1.78x the 2024 average. This data indicates elevated trading engagement during initial listing windows for higher-valuation assets.
In addition, the $100 million to $500 million FDV segment recorded the fastest 30-day trading growth, reaching 2.12 times the prior-year average. The report presents these metrics as part of a broader shift in liquidity distribution patterns across exchanges.
Liquidity distribution across valuation bands remains a key factor in assessing exchange participation in asset onboarding and post-listing performance. The report suggests that 2025 market competition is increasingly influenced by how exchanges structure listing portfolios across valuation categories, rather than focusing solely on aggregate listing volume.
KuCoin’s inclusion among the top three exchanges by total listings situates it within this broader liquidity and valuation context, as documented in the report’s findings.
Real-World Asset Participation and Tokenized Gold Trading
Beyond traditional token listings, the report highlights developments within the real-world asset (RWA) segment, particularly in relation to tokenized commodities. In this category, KuCoin ranked fifth in tokenized gold trading volume during 2025.
Tokenized gold represents on-chain digital representations of physical gold or gold-linked value structures. Within the digital asset sector, the RWA segment encompasses blockchain-based representations of traditional financial or commodity assets.
The report references growing participation in this category, reflecting broader diversification trends within exchange asset structures. KuCoin’s position within tokenized gold trading volume indicates participation in this segment as part of its broader listing and trading framework.
The inclusion of RWA metrics alongside traditional token listing data underscores the report’s focus on listing composition and asset diversification as central competitive factors in the current exchange landscape.
Exchange Competition Framework in 2025
According to the Animoca Brands Research 2025 Listing Report, exchange competition during the year has increasingly centered on listing composition, liquidity distribution, and asset structure diversification. The report notes that listing volume alone is no longer the sole indicator of exchange positioning.
Instead, valuation segmentation, participation in emerging asset classes, and liquidity performance across FDV tiers contribute to a multi-dimensional assessment of exchange activity. Within this context, KuCoin’s ranking among the top three exchanges by total listings reflects both aggregate listing growth and broader distribution across valuation categories.
The report presents these developments as part of an evolving market structure in which digital asset exchanges continue to refine listing strategies and asset portfolios in response to changing liquidity patterns and valuation dynamics.
Further details are available in the full Animoca Brands Research 2025 Listing Report.
About KuCoin
Founded in 2017, KuCoin is a global cryptocurrency platform serving more than 40 million users across more than 200 countries and regions. The company provides access to more than 1,000 listed digital tokens through spot and futures trading markets.
In addition to exchange-based trading services, KuCoin offers institutional wealth management solutions and a Web3 wallet designed to support digital asset access and on-chain participation.
KuCoin has been recognized by Forbes and Hurun. The company operates under established information security and compliance standards and holds SOC 2 Type II certification and ISO 27001:2022 certification.
From a regulatory standpoint, KuCoin maintains registration with AUSTRAC in Australia and holds a Markets in Crypto-Assets (MiCA) license in Austria. These registrations form part of the company’s regulated operational framework across jurisdictions.
KuCoin operates under the leadership of CEO BC Wong.
For more information, visit www.kucoin.com.
Media Contact
For additional information, visit kucoin.com.
Source Attribution
Source: Company announcement