Quick answer: About $11 million of Coinbase tokenized stocks now sit as collateral on Aave V4 on Base, backing roughly $4.95 million in USDC loans, per Aavescan data on Oct. 23, 2026. Eligible non-U.S. users can post seven Magnificent Seven tokens, such as AAPLc and NVDAc, at collateral factors from 65% to 79%.
Borrowing against Apple or Nvidia shares without selling them used to need a broker margin account. On Base, it now takes a wallet and USDC. Aave’s tokenized stock market has quietly become the busiest DeFi venue for Coinbase stock tokens, and fresh USDC rewards this week pushed it back into the spotlight.
According to Aavescan, the Aave V4 Equities Hub on Base held about $17.2 million in total deposits on Oct. 23, 2026, around 03:00 UTC. That includes roughly $11 million of tokenized stocks and $6.16 million of USDC, with $4.95 million in active USDC loans. The market went live on Sept. 25, 2026, per Aave Labs, and Aave said on X on Oct. 21 that incentives were live for USDC suppliers.
What are Aave tokenized stocks on Base?
They are Coinbase Tokenized Stocks used as collateral inside Aave V4. Each token is a certificate issued by Coinbase Onchain SPV Ltd. The real shares sit in segregated custody at Alpaca Securities, an SEC-registered broker-dealer, according to Aave Labs. Dividends are reinvested, so each token slowly grows its claim on the underlying share.
Seven tokens qualify today: AAPLc, AMZNc, GOOGLc, METAc, MSFTc, NVDAc and TSLAc. They are offered under Regulation S, which means only eligible non-U.S. users in permitted countries can hold them. U.S. residents are excluded.
How do you borrow USDC against tokenized stocks on Aave?
The flow is simple. You buy one or more of the seven tokens on Base, supply them to the Equities Hub, and borrow USDC against them. Stocks are collateral-only. You cannot borrow the stock tokens themselves, and you cannot borrow one stock against another.
Each token has its own collateral factor, per the Aave governance proposal with LlamaRisk’s parameters:
| Token | Collateral factor |
|---|---|
| MSFTc | 79% |
| AAPLc | 78% |
| GOOGLc | 76% |
| AMZNc | 73% |
| NVDAc | 70% |
| METAc | 65% |
| TSLAc | 65% |
In practice, $10,000 of AAPLc supports at most $7,800 of borrowing power. Borrowing that close to the limit is risky, so most users keep a wide buffer. Liquidations carry a 10% liquidation fee and a maximum liquidation bonus of 5.5%.
What does it cost to borrow, and what do lenders earn?
On Oct. 23, Aavescan showed a USDC borrow rate of 3.57% before rewards and about 1.96% after Merkl incentives. USDC lenders earned about 5.58% in total, made of a 2.58% protocol rate plus a 3.00% reward. Stock suppliers also earned a 3.00% reward. These incentives are temporary and can change at any time.
Why are weekends the biggest risk?
Prices come from Chainlink’s 24/5 tokenized equity feeds. They publish from Sunday 20:00 ET to Friday 20:00 ET, according to Aave Labs. On weekends and U.S. holidays, the feed holds the last price, so your health factor can only fall through interest.
The catch comes on Monday. If a stock gaps down at the open, your collateral value drops in one step. A thin buffer can turn into a liquidation before you can react. Corporate actions such as stock splits also pause the affected reserve until the token multiplier updates.
What does this mean for AAVE and DeFi?
The market is still small next to Aave’s main pools, but the trend matters. It turns tokenized equities into working capital, a theme we covered in Citi’s report on Aave and collateral mobility. It also lines up with Wall Street plans like Morgan Stanley’s tokenized equities and the warnings in the IMF’s tokenized stocks report.
Aave Labs says more Coinbase stock tokens and GHO borrowing are expected over time, each subject to governance review. If you lend USDC here, read how DeFi lending vaults are drawing regulator attention.
Aave Tokenized Stocks FAQ
Can U.S. residents use Aave tokenized stocks?
No. Coinbase Tokenized Stocks are offered under Regulation S only to eligible non-U.S. persons in permitted jurisdictions, per Aave Labs’ Sept. 25, 2026 launch post.
Which stocks can I use as collateral on Aave V4 Base?
Seven: AAPLc, AMZNc, GOOGLc, METAc, MSFTc, NVDAc and TSLAc. GOOGLc was the largest at about $3.59 million deposited on Oct. 23, 2026, per Aavescan.
How much USDC can I borrow against tokenized stocks?
It depends on the token. Collateral factors range from 65% for TSLAc and METAc to 79% for MSFTc, per the Aave governance proposal. Borrowing well below the limit lowers liquidation risk.
Do tokenized stock prices update on weekends?
No. Chainlink’s feeds run from Sunday 20:00 ET to Friday 20:00 ET and hold the last price over weekends, so a Monday price gap is the main risk.
Do I get dividends on Coinbase tokenized stocks?
Not as cash. Dividends are reinvested into more shares, net of fees and withholding tax, so each token’s claim on the underlying grows over time, per Aave Labs.
Not financial advice. Tokenized stocks and DeFi loans can lose value quickly. DYOR.
