Aave V4 has opened a Base market where eligible non-U.S. users can deposit seven Coinbase tokenized U.S. stocks as collateral to borrow USDC, according to Aave’s Sept. 25 launch announcement. The arrangement gives holders a borrowing route against the tokens without enabling the stocks themselves as borrowable assets.
Key facts
- The supported tokens are AAPLc, AMZNc, GOOGLc, METAc, MSFTc, NVDAc and TSLAc, representing Apple, Amazon, Alphabet, Meta, Microsoft, Nvidia and Tesla, Aave said.
- The market is on Base and accepts the seven tokens as collateral for USDC loans; USDC is the only borrowable asset at launch.
- Aave’s launch materials say the securities are offered under Regulation S to eligible non-U.S. persons in permitted jurisdictions, excluding U.S. persons.
- Initial parameters set a $32 million USDC supply cap and a $21 million borrowing cap. Those are limits, not reported deposits or outstanding loans.
- Collateral factors range from 65% to 79% across the seven tokens, according to Aave governance materials and The Defiant.
Market design
Aave said the Equities Hub combines the seven collateral assets in one lending spoke with a single USDC reserve. Users may combine eligible stocks as collateral, but borrowing the stock tokens and equity-against-equity positions are not enabled at launch.
Aave describes the Coinbase Tokenized Stocks as securities issued by Coinbase Onchain SPV Ltd., with underlying shares held in segregated custody accounts by Alpaca Securities LLC. Aave says token holders receive economic exposure to the underlying equities. The assets are not available to U.S. persons and remain subject to permitted-jurisdiction restrictions.
Chainlink’s documentation says the feed combines the underlying share price with an issuer multiplier that reflects dividend conversions and corporate actions. Aave says dividends are reinvested rather than paid directly, and that reserves can pause during stock splits until the updated multiplier is applied.
Chainlink provides on-chain pricing for the collateral, according to Aave and Chainlink’s documentation. Aave says the feeds publish on a 24/5 schedule, from Sunday at 8 p.m. to Friday at 8 p.m. Eastern time, and retain the last published price over weekends and U.S. market holidays, while the lending market remains open. CryptoSlate highlighted that gap as a potential source of repricing risk when feeds resume; it did not report a realized loss from the launch.
Risk limits and next steps
The $21 million borrowing cap and $32 million supply cap appear in Aave governance materials; The Defiant also reported them as initial limits. The governance risk assessment lists asset-specific collateral factors from 65% for METAc and TSLAc to 79% for MSFTc. LlamaRisk, Aave’s risk service provider, said the initial caps were constrained by liquidity available to liquidators. The figures are market parameters, not measures of current utilization.
Aave said additional Coinbase tokenized stocks and GHO, its stablecoin, may be considered for the market, subject to governance and risk review. The project did not provide a schedule for those potential additions.
