Aave Opens Base Market for USDC Loans Against Seven Coinbase Stock Tokens
Aave opens stock-backed lending on Base
Aave has opened a market on Base where eligible non-U.S. holders of seven Coinbase-issued stock tokens can borrow USDC without selling the tokens. Base is a blockchain network, and USDC is a stablecoin, a crypto token designed to hold a value of one dollar.
The Sept. 25 launch supports AAPLc, AMZNc, GOOGLc, METAc, MSFTc, NVDAc and TSLAc. These tokens represent exposure to Apple, Amazon, Alphabet, Meta, Microsoft, Nvidia and Tesla. BaseScan records show the Equities Hub holding all seven tokens.
Borrowers can combine the tokens in one collateral position and draw USDC. The equity tokens themselves cannot be borrowed, and equity-against-equity loans are not enabled.
Key points of the new market
- Seven stock tokens can be used together as collateral for USDC loans.
- The market has a 21 million USDC borrowing cap and a 32 million USDC supply cap.
- The maximum liquidation bonus is 5.5%.
- Access is limited to eligible non-U.S. persons in permitted jurisdictions.
- The Equities Hub keeps this lending separate from other Aave markets on Base, so USDC suppliers opt specifically into stock-backed credit.
Collateral factors and per-token supply limits
The initial market configuration sets collateral factors at 79% for MSFTc, 78% for AAPLc, 76% for GOOGLc, 73% for AMZNc, 70% for NVDAc and 65% for both METAc and TSLAc. In Aave V4, that factor is both the borrowing limit and the liquidation threshold, rather than a separate cushion between the two.
Each equity also has a supply limit measured in tokens rather than dollars: AAPLc 15,000; AMZNc 10,500; GOOGLc 15,000; METAc 5,800; MSFTc 5,200; NVDAc 24,000; and TSLAc 14,000.
LlamaRisk, the Aave DAO risk service provider that developed the parameters, said the caps were constrained by the liquidity available to liquidators, who may need to sell, redeem or hedge tokens they seize.
Weekend price gaps and corporate actions
The market operates around the clock, but its Chainlink price feeds update only from Sunday at 8 p.m. ET through Friday at 8 p.m. ET. The feeds keep their last published values over weekends and U.S. market holidays. Interest keeps accruing during those closures, and according to LlamaRisk, new information can produce a sudden repricing of collateral when the feeds resume.
The feeds include an issuer multiplier that adjusts for reinvested dividends and stock splits. Aave says the affected reserve is paused during corporate actions until the new multiplier is applied.
Who is allowed to use it
Coinbase says the tokens are offered under Regulation S and are unavailable in the U.S. and other restricted jurisdictions. Aave limits availability to eligible non-U.S. persons in permitted jurisdictions.
Base's documentation describes secondary holding and trading as permissionless, while issuer policies can block specific addresses. Primary minting and redemption remain restricted to identity-checked institutional partners and authorized participants.
Stock-backed lending expands on Base
The new market extends stock-backed lending on Base. The Defiant reported on Sept. 18 that Morpho had opened USDC borrowing against five Coinbase stock tokens.
Why this matters for USDC suppliers
By placing the activity in a dedicated Equities Hub, Aave separates this lending exposure from its other markets on Base. That means people who supply USDC choose to take part in stock-backed credit rather than having that exposure mixed into other markets.
Sources
Newisty Editorial Team covers technology, cryptocurrency, digital products, online platforms, developer tools and the wider digital economy. Our content is researched from official sources, company announcements, public documentation, market data and other primary or reputable sources. Articles are reviewed and edited before publication for clarity, accuracy and useful context.