Coinbase has added Solana-collateralised onchain loans, supporting users to deposit their SOL holdings and borrow up to $100,000.

According to a recent report by The Block, the loan uses the same structure Coinbase has used for crypto-backed lending secured by bitcoin and ethereum, linking to Morpho on Base.

Ben Schen (벤 셴), head of financial services and loyalty products at Coinbase, said adding SOL collateral is aimed at making Coinbase a more suitable place for Solana trading and custody, and that it allows users to secure liquidity immediately when needed. Coinbase also said the expansion is an extension of its "everything exchange" strategy and efforts to improve how customers can use their assets.

Coinbase’s crypto-backed loans have surpassed $2.3 billion in cumulative lending since their launch last year. By collateral asset, bitcoin accounted for the largest amount at $2.17 billion, followed by about $110 million in ethereum, $31.6 million in XRP, $3.34 million in cbETH, $2.33 million in dogecoin, $1.8 million in cardano and about $802,000 in litecoin.

Coinbase launched the same crypto-backed loan product in the United Kingdom last month. Schen said demand for crypto-backed loans continues as users use onchain financial services to increase how they use their assets.