By
Steve Muchoki
April 19th, 2024
Reports also suggest that Solana-native USDC, which currently has a $4.8 billion circulating supply, would be among the supported assets.
Coinbase is considering listing Solana program Library (SPL) tokens on its platform, according to reports. Traders can deposit and withdraw and enjoy numerous SPL tokens, which are considered Solana’s answer to ERC20, once they are listed.
Reports also suggest that Solana-native USDC, which currently has a $4.8 billion circulating supply, would be among the supported assets. Additional reports state that the rumored features could be online soon. Coinbase has however declined to comment on any rumor.
Many market experts believe Coinbase is actually going to go ahead with the rumored plans as the exchange has previously stated its mission of listing “every” allowable crypto and plans to list Solana’s answer to the ERC-20 would be a step further in achieving that feat.
“Reminder about how Coinbase lists assets: our goal is to list ‘every’ asset where it is legal to do so. Outside of our listing standards (for safety/legality), we don’t offer an opinion on the value of each asset. We are asset agnostic, because we believe in free markets and that consumers should have a choice in the crypto economy. This is how we’ll have the most innovative”, Brian Armstrong tweeted on June 28 last year.
The listing of SPL tokens to Coinbase’s token onboarding plan appears to be a significant step forward. According to a review of its listings, Coinbase currently only supports Ethereum-based cryptocurrencies and flagship Layer 1 assets like Algorand (ALGO) and Cosmos (ATOM).
The latest rumors, if true, would mean a great deal of development to both the Solana and Coinbase community even though the former stands to gain a lot from this recent development. Solan, irrespective of its status as one of the hottest tokens in the crypto space in the past few weeks, is still relatively small in terms of market value.
According to Coinbase data, while Ethereum-based tokens like Shiba Inu (SHIB) and Chainlink (LINK) have circulating market capitalizations near $10 billion, the largest SPL token by the same metric is Serum (SRM), which has a market value of $281 million.
Solana, however, offers its users a simple and cost-effective way to transact their assets, a major factor leading to its mass adoption. Solana also stands to increase its influence in the crypto space should its SPL tokens get listed on Coinbase in the near future.
There are however still no reports on which SPL tokens Coinbase plans to start with as well as which regions the trading would first come online.