Coinbase added Solana as collateral for crypto-backed loans, expanding its on-chain lending product on Base.
Solana News
Coinbase expanded its on-chain lending product on May 12 by adding Solana (SOL) as a supported collateral asset. Users can now borrow up to $100,000 against their SOL holdings through the exchange's Morpho integration on Base. The addition places SOL alongside Bitcoin (BTC), Ether (ETH), and several other assets already supported under the same framework.
Ben Shen, Coinbase's head of financial services and loyalty products, said the SOL addition is a step toward making Coinbase the preferred platform for trading and holding Solana. He said the ability to access liquidity against held assets is central to that goal. Shen added that the expansion reflects the company's broader commitment to increasing the utility of assets customers hold on the platform.
Since launching last year, Coinbase's crypto-backed loan product has crossed $2.3 billion in total originations. BTC remains the dominant collateral asset, accounting for $2.17 billion of that total. ETH-backed loans account for approximately $110 million, followed by XRP at $31.6 million, cbETH at $3.34 million, Dogecoin (DOGE) at $2.33 million, and Litecoin (LTC) at around $802,000.
Coinbase Expands Globally Despite Losses
Coinbase brought its lending product to the United Kingdom last month as part of a wider international push into on-chain financial services. The Solana expansion comes during a difficult financial period for the company. Coinbase posted a net loss of $394.1 million for Q1 2026 and laid off approximately 14% of its workforce last week as part of a shift toward AI-native operations.
CEO Brian Armstrong said during the earnings call that all of finance will eventually move on-chain and that Coinbase was built to benefit from that shift. Shen separately said users are increasingly turning to on-chain financial services to maximize the productivity of their assets. "We're continuing to see strong traction for crypto-backed loans," he said.
Several analysts maintained positive ratings on Coinbase stock following the earnings release. Bernstein kept an Outperform rating and a $330 price target, saying the “everything exchange” strategy was beginning to show results despite weaker financials. Benchmark and Rosenblatt also reiterated buy ratings. Coinbase stock was trading at approximately $205 on May 12.
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