Eligible non-U.S. users in permitted jurisdictions can pledge Coinbase stock tokens for USD Coin (USDC) loans on Aave V4, which holds 53% of those tokens deposited across Base DeFi venues.
The market holds $10.1 million in the tokens, compared with $18.9 million deposited across DeFi venues on Base. That makes Aave the largest venue for this group of assets. The 53% figure measures its share of these stock token deposits, not of all DeFi deposits.
Each token represents a certificate issued by Coinbase Onchain SPV Ltd. The certificates provide exposure to shares in Apple, Amazon and Alphabet, as well as Meta, Microsoft, Nvidia and Tesla.
Aave Labs announced the Sept. 25 launch of Aave V4’s Equities Hub on Base with the seven tokens accepted as collateral and USDC as the only asset available to borrow. The market does not offer the stock tokens as loans.
Aave Labs has said the arrangement lets eligible users obtain USDC while retaining economic exposure to the underlying shares. Loans continue accruing interest on weekends and U.S. market holidays, when the collateral price feed retains its last reading.
Aave Labs expects to accept more Coinbase stock tokens as collateral and make its GHO stablecoin available to borrow, subject to governance and risk reviews. It has set no date for either change.
