TLDR
- Solana holders can borrow up to $100,000 through Coinbase’s onchain lending product on Base now.
- Coinbase says crypto-backed loan originations now exceed $2.3 billion since launching the product last year.
- Bitcoin remains the largest collateral asset, with $2.17 billion in reported loan originations to date.
- Ether loans total $110 million, while XRP loans reached $31.6 million, according to company data.
- Coinbase frames Solana support as part of its wider plan for an onchain finance marketplace.
Coinbase has added Solana support to its crypto-backed loan product. The move lets users borrow against SOL holdings. It also comes as total loan originations pass $2.3 billion.
The exchange offers the loans through its Morpho integration on Base. Users can now borrow up to $100,000 against their SOL. Coinbase already uses the same system for other supported crypto assets.
Solana Joins Coinbase Crypto-Backed Loans
Coinbase added SOL as a new collateral asset for its onchain lending product. The update gives Solana holders another way to access liquidity. They can keep their SOL while borrowing against its value.
The loans are available through Morpho on Base. This setup already supports bitcoin, ether, and other assets. Coinbase is using the same lending path for Solana.
Ben Shen, Coinbase’s head of financial services and loyalty products, commented on the launch. He said, “Adding SOL collateral is a strong step toward making Coinbase the best place to trade and hold Solana.” He added that users can get “instant liquidity whenever needed.”
The company said the move fits its wider product plans. Shen said the update reflects Coinbase’s “broader commitment to the Everything Exchange.” He also linked the launch to added utility for assets traded by customers.
Loan Originations Cross $2.3 Billion
Coinbase said its crypto-backed loan originations have now passed $2.3 billion. The product launched last year, and demand has grown across several assets. Bitcoin remains the main source of loan activity.
Bitcoin-backed loans account for about $2.17 billion in originations. Ether-backed loans stand near $110 million. XRP-backed loans reached about $31.6 million, according to company data.
Other supported assets show smaller totals. cbETH loans reached about $3.34 million. Dogecoin loans reached $2.33 million, while Cardano loans reached $1.8 million.
Litecoin-backed loans were about $802,000. The figures show that larger assets still lead loan use. However, Coinbase continues to add more collateral options for users.
Shen said customers are using onchain services to make assets more useful. He said, “We’re continuing to see strong traction for crypto-backed loans.” He also said users want to “maximize the productivity of their assets.”
Coinbase Expands Onchain Finance Push
The Solana launch follows Coinbase’s wider move into onchain financial services. The exchange also launched crypto-backed lending in the United Kingdom last month. That rollout formed part of its broader product expansion.
Coinbase is building more services around trading, holding, and borrowing. Its “Everything Exchange” plan aims to bring more financial tools into one platform. The loan product now gives supported asset holders another option.
The update also arrives after a difficult earnings period for Coinbase. The company reported a first-quarter net loss of $394.1 million. It also announced job cuts equal to about 14% of its workforce.
Coinbase CEO Brian Armstrong still backed the company’s onchain direction. He said that eventually “all of finance” will move onchain. The Solana lending update shows Coinbase is continuing that plan despite market pressure.
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