Coinbase has expanded its crypto-backed onchain lending product by adding support for Solana, allowing users to borrow up to $100,000 against their SOL holdings.

The loans are offered through the same Morpho integration on Base that Coinbase already uses for bitcoin, ether and other crypto-backed loans.

"Adding SOL collateral is a strong step toward making Coinbase the best place to trade and hold Solana, thanks to the ability to get instant liquidity whenever needed," Coinbase's head of financial services and loyalty products, Ben Shen, told The Block. "This expansion reflects our broader commitment to the Everything Exchange and enhancing the utility of assets that our customers can trade."

$2.3 billion in total loan originations

Since launching last year, Coinbase's crypto-backed loans have now crossed $2.3 billion in total originations, according to data shared with The Block by a company spokesperson.

Bitcoin remains the dominant collateral asset with $2.17 billion in total loan originations to date. Ether-backed loans account for around $110 million, followed by XRP at $31.6 million, cbETH at $3.34 million, Dogecoin at $2.33 million, Cardano at $1.8 million, and Litecoin at around $802,000, per the data.

"We’re continuing to see strong traction for crypto-backed loans, as users utilize onchain financial services to maximize the productivity of their assets," Shen said.

Coinbase also launched the crypto-backed lending product in the United Kingdom last month as part of its broader push into onchain financial services.

Last week, Coinbase reported its first-quarter earnings and posted a net loss of $394.1 million amid a bear market. Coinbase CEO Brian Armstrong remained optimistic, saying that eventually "all of finance" will move onchain and his company was built to capitalize on the transformation.

Also last week, Coinbase laid off around 14% of its workforce as the company navigates a market downturn and shifts toward AI-native operations.

Despite the tough market conditions, some analysts remain bullish on Coinbase. Bernstein, for instance, said last week that Coinbase is beginning to show signs that its push to become an "everything exchange" is working despite weaker financials. Bernstein maintained an outperform rating and $330 price target on Coinbase stock following earnings. Benchmark and Rosenblatt have also reiterated their Buy ratings.

Coinbase is currently trading at around $205, according to The Block's COIN price page.