TLDR: Seven Coinbase tokenized stocks are now back USDC loans on Aave V4’s Base deployment. Shares sit at Alpaca Securities, with Coinbase holding them as bare trustee for holders. Chainlink’
Coinbase tokenized stocks are now live as collateral on Aave V4, deployed on Base. Seven tokenized US equities, AAPLc, AMZNc, GOOGLc, METAc, MSFTc, NVDAc, and TSLAc, can now back USDC loans on the protocol.
Chainlink supplies the pricing data as Coinbase’s official oracle. The launch is available in eligible jurisdictions outside the United States, according to Aave’s official announcement.
The move connects a market Aave itself values at more than $150 trillion to onchain lending. As global equities shift onchain, holders can now borrow against stock positions instead of selling them.
According to an announcement, Coinbase tokenized stocks represent shares issued onchain as tokens. Each token is a certificate issued by Coinbase Onchain SPV Ltd.
The underlying shares sit with Alpaca Securities LLC, an SEC-registered broker-dealer. They are held in segregated custody accounts under the issuer’s name. The custodian cannot lend the shares or use them for its own account and holds no lien over them.
Coinbase holds them as bare trustee for token holders under a deed of trust. That structure gives holders real economic exposure to equities, not a synthetic price reference.
Dividends do not pay out directly. Instead, they get reinvested, buying additional shares net of fees and withholding tax. Stock splits work the same way.
Both flow through a multiplier that starts at 1.0 and shifts only on corporate actions. Over time, that makes the token a total return instrument that drifts above the raw share price.
Coinbase Tokenized Stocks are live on Aave V4 on @base.
Tokenized stocks are only available in eligible jurisdictions outside of the U.S. pic.twitter.com/VOL363Ihd9
— Aave (@aave) September 25, 2026
The Equities Hub runs on one USDC reserve. It pairs with a single lending spoke that pools all collateral. Users can post any combination of the seven tokenized stocks and borrow USDC against them. Each token carries its own collateral factor.
At launch, the equities function as collateral only. Borrowing the stock tokens themselves, or opening equity-against-equity positions, is not yet enabled.
The market runs 24/7. Users can supply, borrow, repay, and withdraw at any time, with one exception. During corporate actions like stock splits, the affected reserve pauses until the new multiplier applies.
Pricing comes from Chainlink’s 24/5 tokenized equity feeds, live from Sunday 8 PM ET to Friday 8 PM ET. Over weekends and US market holidays, feeds hold the last published price. Collateral values stay fixed during that window, so a position’s health factor can only fall through interest accrual.
This V4 instance was deployed by Aave Labs on behalf of Aave DAO. LlamaRisk completed the risk analysis behind the launch, per the announcement.
The integration turns idle stock exposure into working capital without a taxable sale. Traders holding tokenized Apple, Tesla, or Nvidia shares can unlock USDC liquidity while keeping upside exposure.
It also signals a broader shift. Real-world assets are becoming functional DeFi collateral, not just onchain representations sitting in wallets.
More Coinbase tokenized stocks are expected to join the Aave V4 market on Base over time. GHO is also expected to join as a borrowable asset.
Each addition goes through Aave DAO’s governance and risk review process. Supply and borrow caps will also be revisited as token supply and venue depth grow, per the risk steward process.
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