Aave V4 has opened a dedicated Equities Hub on Base that lets eligible users outside the United States post Coinbase (NASDAQ: COIN) tokenized U.S. stocks as collateral and draw USDC loans against them. The first seven assets are AAPLc, AMZNc, GOOGLc, METAc, MSFTc, NVDAc and TSLAc.
Chainlink supplies the official price feeds used to value the positions onchain.
Each token is a certificate issued by Coinbase Onchain SPV Ltd.
The matching shares sit with Alpaca Securities LLC, an SEC-registered broker-dealer, in segregated custody accounts held in the issuer’s name.
The custodian cannot lend the shares, use them for its own book, or place a lien on them.
Under a deed of trust the issuer acts as bare trustee, so token holders receive the economic exposure of the actual equities rather than a synthetic price tracker.
Corporate actions are handled through a multiplier that begins at 1.0.
Dividends are reinvested (after fees and withholding tax) by buying additional shares instead of being paid in cash; stock splits are treated the same way.
The result is a total-return instrument whose onchain claim can drift above the raw share price over time.
The Equities Hub is structured as a single USDC reserve paired with one lending spoke that pools all seven collaterals. Users may deposit any mix of the tokens and borrow USDC.
Each asset carries its own collateral factor.
At launch the stocks themselves cannot be borrowed and equity-versus-equity positions are disabled.
The market remains open around the clock except when a reserve is paused for a corporate action until the new multiplier is applied.
Chainlink’s tokenized-equity feeds publish from Sunday 20:00 ET through Friday 20:00 ET.
On weekends and US market holidays the last published price is held, so collateral values stay frozen until cash markets reopen; a position’s health factor can decline in that window only from accrued interest.
Aave Labs deployed the instance on behalf of Aave DAO after risk work by LlamaRisk.
Additional Coinbase tokenized stocks and GHO as a borrowable asset are expected later, each subject to governance and risk review.
Supply and borrow caps will be adjusted through the risk-steward process as circulating supply and venue liquidity grow.
The integration turns tokenized shares from static holdings into productive DeFi collateral.
Holders can keep long-term equity exposure while unlocking dollar liquidity without selling. The products remain securities issued by Coinbase under Regulation S and are offered only to eligible non-US persons in permitted jurisdictions.
