Aave’s V4 deployment on Base has opened an Equities Hub that lets eligible users post seven Coinbase tokenized technology stocks as collateral to borrow USDC. The market, announced by Aave Labs on September 25, 2026, is available only in eligible jurisdictions outside the United States.
At launch, the dedicated Aave market supports tokenized versions of Apple, Amazon, Alphabet, Meta, Microsoft, Nvidia and Tesla shares, but its design is deliberately narrow: USDC is the sole asset borrowers can draw, and the equity tokens can only be posted as collateral.
Aave’s Equities Hub lists seven Coinbase tokenized tech stocks
Eligible collateral comprises AAPLc, AMZNc, GOOGLc, METAc, MSFTc, NVDAc and TSLAc, which represent Coinbase tokenized stocks on Base. Aave’s announcement frames the launch as an extension of the V4 deployment’s lending market, not as a venue for trading the underlying equity tokens.
According to Aave’s governance risk assessment, the assets are Coinbase B20 certificates over shares held in segregated custody. That structure matters to the protocol’s treatment of the tokens: users are supplying certificates representing the listed equities, not depositing conventional onchain versions of a company’s stock issued by Aave.
Base has separately described Coinbase Tokenized Stocks as B20 tokens issued against 1:1 share backing in regulated custody. The availability restriction means the Equities Hub is not an access route for US users, even though it is deployed on Base.
The seven-name initial list is concentrated in large US technology and consumer-internet companies. Aave has not presented the launch as a broad tokenized-equities market; the listed tokens and the single available debt asset define the market’s initial perimeter.
USDC is the only debt asset in the collateral-only market
Chainlink provides the onchain price feeds for the tokenized equities, according to Aave.
Within the Equities Hub, users can deposit those equities as collateral and borrow USDC. AAPLc, AMZNc and the other listed stock tokens are not borrowable there, and the hub does not support equity-against-equity positions, Aave Labs said.
The arrangement places the tokenized shares entirely on the collateral side of the market and USDC on the borrowing side. It is narrower than the broader Base proposition for Coinbase Tokenized Stocks: Base says B20 tokens can be lent, borrowed or used as collateral across participating DeFi protocols, whereas Aave’s launch demonstrates only the collateral use case and does not make the stock tokens borrowable at launch.
Collateral factors and caps limit the initial rollout
Aave V4 on Base has launched a tokenized-equities collateral market limited to seven Coinbase tokenized equities for users in eligible jurisdictions. Users can deposit the tokens as collateral to borrow USDC, the market’s only debt asset; they cannot borrow the equities themselves or open equity-against-equity positions.
The Block reported an aggregate collateral cap of about $29 million, a $32 million cap on USDC supply and a $21 million cap on USDC borrowing.
The Block also reported initial collateral factors of 65% to 79%, depending on the stock, rather than one uniform setting across all seven tokens. Those caps and stock-specific factors define the size and terms of the initial phase.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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