Aave V4 on Base lets non-U.S. users borrow USDC against Coinbase tokenized stocks
Aave opens an Equities Hub on Base
Aave V4 on Base has added seven Coinbase-issued tokenized U.S. stocks as collateral for USDC loans, creating a new way to borrow a stablecoin against company shares. Aave said the new market, called the Equities Hub, launched on Friday.
Eligible users outside the United States can deposit the tokenized stocks and borrow USDC, a stablecoin designed to keep a value of one dollar, against them. The seven tokens track Apple, Amazon, Alphabet, Meta, Microsoft, Nvidia and Tesla, according to a statement shared with The Block.
The stocks serve only as collateral for now. They cannot be borrowed. Chainlink supplies the onchain pricing for the equities through its tokenized equity feeds.
Caps and collateral limits set at launch
- The market started with an initial collateral cap of roughly $29 million across the seven stocks.
- USDC supply cap: $32 million. USDC borrow cap: $21 million. Aave's risk provider LlamaRisk reported these figures.
- Collateral factors range from 65% to 79%, depending on the stock. A collateral factor sets how much can be borrowed against a given asset.
- Aave said it has processed $3.6 trillion in cumulative deposits and more than $1 trillion in all-time loans.
One USDC market, separate risk settings for each stock
Aave said the Equities Hub uses its Hub and Spoke design to pool the equity collateral into a single market with one USDC reserve. Risk settings are configured separately for each asset, so problems affecting one equity stay isolated from the others.
The market runs around the clock, according to the statement.
What Aave Labs says about the launch
Stani Kulechov, founder and CEO of Aave Labs, framed the launch as a shift in what tokenized stocks can do. "Until now a tokenized stock was something you could hold or trade. Today it becomes something you can borrow against," he told The Block.
In the announcement, he said public equities are one of the largest pools of capital in the world and that tokenization is starting to move that capital onchain.
Aave's wider push into real-world assets
The launch follows Kulechov's recent comments about expanding beyond crypto assets into tokenized stocks, securities and other real-world assets. In an earlier interview with The Block, he said institutions "come with size" and could drive demand for borrowing onchain.
He also said the technology behind tokenization is no longer the main obstacle. "Tokenization and DeFi are not a technological challenge anymore," he said. "I think it's a go-to-market challenge."
Those comments came a day after the Senate voted 49-50 against advancing the Clarity Act. Kulechov said DeFi may need to follow an "Uber path" by reaching enough users that lawmakers are pushed to address how the sector should be regulated. He added that if that does not happen, the goal is to use the technology to empower millions of people worldwide.
What Chainlink and Base say
Chainlink Chief Business Officer Johann Eid said in a statement that Aave's use of Coinbase's tokenized stocks with Chainlink as the official oracle solution is a major step toward bringing the global equities market onchain. He described that market as worth more than $150 trillion. That figure is Chainlink's characterization and was not independently verified in the supplied material.
Antonio García-Martínez, Base's Head of Growth, said eligible customers outside the U.S. can use the stocks to borrow USDC, while those who supply USDC can earn interest.
What is confirmed
Aave V4 on Base launched the Equities Hub on Friday, September 25, 2026, with seven Coinbase tokenized U.S. stocks tracking Apple, Amazon, Alphabet, Meta, Microsoft, Nvidia and Tesla. The assets are available to eligible non-U.S. users in permitted jurisdictions and are collateral-only at launch. Chainlink provides onchain pricing. The launch caps and collateral factors come from Aave's risk provider LlamaRisk.
What is still unclear
The statement does not identify which jurisdictions count as permitted, and it does not say how many users qualify or how large the market may grow. Possible future additions of more tokenized stocks and of GHO as a borrowable asset have no announced date or size.
Why it matters for tokenized stock holders
Tokenized stocks have mainly been used to hold or trade exposure to shares onchain. This market adds a lending use: holders in eligible jurisdictions can raise USDC without selling the tokens. USDC suppliers to the market can earn interest, according to Base's Head of Growth. The market remains limited by its caps and by being open only to certain users outside the United States.
What happens next
Aave said more Coinbase tokenized stocks could be added over time, and that GHO could later become a borrowable asset. Both would depend on governance and risk review. No timeline was given.
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.