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Coinbase Close to Listing Solana Ecosystem Tokens: Sources
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.
By Danny Nelson
Updated May 11, 2023, 4:06 p.m. Published Jan 27, 2022, 1:54 a.m.
Coinbase is readying its trading rails for Solana ecosystem tokens, four people 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 people said. One person added that Solana-native USDC, with its $4.8 billion in circulating supply, would be among the supported assets.
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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 blockchain assets such as and , 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 and chainlink command circulating market capitalizations near $10 billion, the biggest SPL token by the same metric is at $281 million, according to Coinbase data.
It was not immediately clear in which regions the trading would first come online, or with which SPL tokens Coinbase plans to start.
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