CoinDesk Analysis Team
CoinDesk
The exchange’s stated mission of listing “every” allowable crypto is taking a major step forward with plans to list Solana’s answer to the ERC-20.
Coinbase is readying its trading rails for Solana ecosystem tokens, four sources familiar with the plans told CoinDesk.
The U.S.-based crypto exchange plans to allow withdrawals of SPL, or “Solana Program Library,” tokens – Solana’s answer to Ethereum’s ERC-20 – the sources said. One person added that Solana-native USDC, with its $4.8 billion in circulating supply, would be among the supported assets.
Sources said the features could come online in the near future. Coinbase declined to comment.
Listing SPL tokens would appear to mark a major development in Coinbase’s token onboarding strategy. Up to now, it has only listed Ethereum-based coins and flagship Layer 1 assets such as Algorand (ALGO) and Cosmos (ATOM), a review of its listings found.
Coinbase CEO Brian Armstrong’s sweeping goal – “list *every* asset where it is legal to do so,” he tweeted in June 2021 – increasingly necessitates stepping beyond the Etherverse.
That said, Solana’s landscape of decentralized finance (DeFi) coins – for exchanges, staking protocols and more – is still relatively small in terms of market value.
While Ethereum-based tokens like Shiba Inu (SHIB) and Chainlink (LINK) command circulating market capitalizations near $10 billion, the biggest SPL token by the same metric is Serum (SRM) at $281 million, according to Coinbase data.
It was not immediately clear which regions the trading would first come online, or which SPL tokens Coinbase plans to start with.
All writers’ opinions are their own and do not constitute financial advice in any way whatsoever. Nothing published by CoinDesk constitutes an investment recommendation, nor should any data or Content published by CoinDesk be relied upon for any investment activities. CoinDesk strongly recommends that you perform your own independent research and/or speak with a qualified investment professional before making any financial decisions.
Recommended Content
Editors’ Picks
IRS says crypto staking should be taxed in response to lawsuit
The IRS stated that rewards from cryptocurrency staking are taxable upon receipt, according to a Bloomberg report on Monday, which stated the agency rejected a legal argument that sought to delay taxation until such rewards are sold or exchanged.
Solana dominates Bitcoin, Ethereum in price performance and trading volume: Glassnode
Solana is up 6% on Monday following a Glassnode report indicating that SOL has seen more capital increase than Bitcoin and Ethereum. Despite the large gains suggesting a relatively heated market, SOL could still stretch its growth before establishing a top for the cycle.
Ethereum Price Forecast: ETH risks a decline to $3,000 as investors realize increased profits and losses
Ethereum is up 4% on Monday despite increased selling pressure across long-term and short-term holders in the past two days. If whales fail to maintain their recent buy-the-dip attitude, ETH risks a decline below $3,000.
Crypto Today: BTC hits new Trump-era low as Chainlink, HBAR and AAVE lead market recovery
The global cryptocurrency market cap shrank by $500 billion after the Federal Reserve's hawkish statements on December 17. Amid the market crash, Bitcoin price declined 7.2% last week, recording its first weekly timeframe loss since Donald Trump’s re-election.
Bitcoin: 2025 outlook brightens on expectations of US pro-crypto policy
Bitcoin price has surged more than 140% in 2024, reaching the $100K milestone in early December. The rally was driven by the launch of Bitcoin Spot ETFs in January and the reduced supply following the fourth halving event in April.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.