Aave V4 on Base draws $871K in tokenized SpaceX shares

Tokenized SpaceX shares are now working as loan collateral. Deposits of Coinbase-issued SpaceX tokens into Aave V4 on Base reached approximately $871,000 by November 5, 2026.

That figure is up 1,602% since October 31. In about a week, a small experiment became a measurable pile of collateral.

What’s actually sitting in Aave

The token is called SPCXc. It is a certificate that reflects SpaceX Class A common stock.

Here, the counter belongs to Alpaca Securities LLC. The underlying shares are held in segregated custody, meaning they are kept separate rather than pooled with other assets.

Coinbase issues SPCXc under its B20 standard. That is Coinbase’s framework for bringing these stock-backed tokens on-chain.

The deposits live inside Aave V4’s Equities Hub on Base, Coinbase’s layer-2 network. Users put SPCXc in and borrow USDC, the dollar-pegged stablecoin, against it.

SPCXc went live in the hub around November 4, 2026. Aave set its collateral factor at 55%.

That number controls borrowing power. Roughly speaking, for every $100 of SPCXc posted, a user can borrow up to about $55 in USDC.

There is also a supply ceiling. The market caps SPCXc deposits at 37,000 tokens, so the protocol cannot get unlimited exposure to a single stock-backed asset.

Pricing comes from Chainlink, the oracle network that feeds outside data into smart contracts.

One more catch: SPCXc is available only to eligible non-US users.

How the Equities Hub got here

Aave launched the Equities Hub on September 25, 2026. At launch, it supported seven tokenized US tech stocks as collateral for USDC borrowing.

The hub is an isolated market. That design walls off stock-backed collateral from the rest of Aave’s lending pools.

What this means for DeFi and tokenized stocks

The core appeal is liquidity without selling. A holder who wants cash but still believes in SpaceX can borrow USDC against the position instead of exiting it.

For Coinbase, the stakes are broader. SPCXc is issued by Coinbase, runs on Coinbase’s Base network, and settles loans in USDC.

A 55% collateral factor signals that Aave is treating these tokens cautiously. Stock-backed tokens add layers that crypto collateral does not have. Users depend on the custodian holding the shares, on the issuer honoring the structure, and on the oracle reporting accurate prices.

The 37,000-token cap is worth watching. If deposits keep climbing toward that ceiling, Aave will face a choice about whether to raise it.

The non-US restriction shapes the audience as well. The current demand comes entirely from eligible international users.