“Holding SOL? SOL-backed loans are now available on Coinbase,” the company said in a Tuesday (May 12) post on X. “Instantly borrow up to $100K in USDC against your Solana without selling.”
According to a Coinbase webpage about its crypto-backed loans, this offering is powered by Morpho’s on-chain lending platform and allows borrowers to access money instantly in the form of USDC, pay interest rates as low as 5% and repay at any time, with no monthly payments or deadlines.
These crypto-backed loans are available in the United States, except New York, per the page.
Morpho also announced the availability of SOL-backed loans in a Tuesday post on X, saying the loans are powered by Morpho and available via Coinbase.
PYMNTS reported last May that Coinbase had effectively turned USDC into a financial engine by integrating it into product offerings across loans, rewards and decentralized applications. The report cited the launch of bitcoin-backed USDC loans inside the Coinbase app, powered by Morpho’s open-source protocol, as one example.
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On Thursday (May 7), PYMNTS reported that Coinbase has been working to create recurring revenue streams that are less vulnerable to the emotional swings of retail crypto traders.
As part of that multiyear effort to diversify, the company has focused on products tied to staking, custody, stablecoins, blockchain infrastructure and institutional services.
During the most recent quarter, Coinbase saw its subscription and services revenue reach 44% of net revenue, or $584 million. The company highlighted that figure, saying that growth supports its long-term thesis.
In March, Coinbase announced that it partnered with Better to enable borrowers to pledge their bitcoin or USDC holdings as collateral for a loan used to cover the down payment on a house.
“These new crypto-backed mortgages are the first step in integrating crypto into the core plumbing of the U.S. housing finance system,” Coinbase said when announcing this offering. “This is what the Everything Exchange vision looks like in practice: not just trading every asset class on chain, but making those assets usable in the real world.”
