- Coinbase added SOL-backed loans through Morpho on Base, enabling eligible users to borrow up to $100,000 against Solana.
- Coinbase’s crypto-backed loan originations have crossed $2.3B, led by Bitcoin at $2.17B and Ether at about $110M.
Coinbase has added Solana to its crypto-backed lending product, giving users another major asset to use as collateral without selling their holdings. The exchange now allows eligible users to borrow up to $100,000 against SOL through its Morpho integration on Base, expanding a product that already supports Bitcoin, Ether, XRP, Dogecoin, Cardano, Litecoin and cbETH.
The move places Solana beside Bitcoin and Ether inside Coinbase’s onchain lending push. It also comes as the exchange reports more than $2.3 billion in total loan originations since the product launched last year. Bitcoin still leads the loan book with $2.17 billion in originations, while Ether-backed loans account for about $110 million. XRP follows with $31.6 million, while cbETH, Dogecoin, Cardano and Litecoin make up smaller portions of the total.
Holding SOL?
SOL-backed loans are now available on Coinbase.
Instantly borrow up to $100K in USDC against your Solana without selling. pic.twitter.com/rfZBZ0KiH6
— Coinbase 🛡️ (@coinbase) May 12, 2026
Coinbase uses Morpho on Base to power the lending product. The setup allows users to unlock liquidity from crypto holdings while keeping exposure to the underlying asset. For SOL holders, the new option means they can borrow USDC against Solana instead of selling tokens during periods of market stress or when they need cash for other uses.
Ben Shen, Coinbase’s head of financial services and loyalty products, said SOL collateral marks a step toward making Coinbase a stronger venue for users who trade and hold Solana. He also linked the launch to the company’s “Everything Exchange” strategy, which aims to expand asset utility beyond spot trading.
Coinbase Expands Lending as Solana Demand Builds
Coinbase’s lending expansion arrives as Solana market activity shows renewed strength. SOL traded near $95 on Wednesday after finding support around the 100-day exponential moving average near $94. The token also stayed above its 50-day EMA near $88, keeping its short-term recovery structure intact.
Institutional demand has also improved. SoSoValue data showed spot Solana ETFs recorded $19.07 million in inflows on Tuesday after $26.57 million a day earlier. That marked the seventh straight day of positive inflows since May 4, adding another source of attention around SOL as Coinbase brings the asset into its collateral product.
Early January this year, Morgan Stanley Investment Management filed preliminary SEC prospectuses for spot Solana ETFs. The proposed Solana Trust would hold SOL directly and stake part of its holdings to earn network rewards.
Derivatives data also reflected stronger trader positioning. Solana funding rates turned positive on Tuesday and rose to 0.0041% on Wednesday, showing that long traders paid shorts. CoinGlass data also placed Solana’s long-to-short ratio at 1.06, near its highest level in over a month.
The new Coinbase loan option adds another layer to Solana’s market structure. Users can now access liquidity without directly reducing their token balance, although collateralized borrowing still carries liquidation risk when prices fall.
Coinbase has continued to grow its onchain financial services despite weaker market conditions. The company recently launched crypto-backed lending in the United Kingdom and reported a first-quarter net loss of $394.1 million.
Last month, the Solana Foundation partnered with Shinhan Card to test stablecoin payments, online wallets, and merchant transactions. The companies will use Solana’s testnet to study payment speed, security, transaction flow, and non-custodial wallet use.
