Aave v4 on Base draws $4.7 million in Coinbase tokenized stock deposits

Wall Street’s favorite tech names are quietly becoming DeFi collateral. Aave v4 on Base now holds $4.7 million in Coinbase-issued tokenized stocks, and that figure doubled over the past week.

Half of those deposits sit in just two names: Meta and Nvidia. Even onchain, the market can’t stop chasing AI-adjacent megacaps.

What’s actually happening on Aave’s Equities Hub

Aave V4 launched a dedicated Equities Hub on Base, Coinbase’s Ethereum layer-2 network, on September 25, 2026. Eligible users outside the US can deposit tokenized versions of major stocks and borrow USDC against them.

Seven stocks are supported at launch, all issued by Coinbase with a “c” suffix:

• Apple (AAPLc)
• Amazon (AMZNc)
• Alphabet (GOOGLc)
• Meta (METAc)
• Microsoft (MSFTc)
• Nvidia (NVDAc)
• Tesla (TSLAc)

Users can mix and match these tokens as collateral. Someone holding a little Apple and a little Tesla can stack both into a single position rather than picking one.

The hub runs as an isolated market. For now, USDC is the only asset available to borrow. Whatever happens in this corner of Aave is meant to stay in this corner of Aave, walled off from the protocol’s broader lending pools.

The guardrails: collateral factors and caps

Risk firm LlamaRisk set the initial parameters, and they lean conservative. Collateral factors for the tokenized stocks range between 65% and 79%.

A quick translation: if you deposit $100 worth of tokenized shares, you can borrow somewhere between $65 and $79 in USDC, depending on which stock you’re using.

The aggregate collateral cap sits near $29 million. The USDC supply cap is $32 million, and the borrow cap is $21 million.

Pricing comes from Chainlink’s onchain feeds, which deliver valuations on a 24/5 schedule. The Aave market itself runs 24/7, pausing only during official corporate actions like stock splits or dividends that change what a share actually represents.

What this means for traders, lenders and DeFi

With half of deposits in METAc and NVDAc, early users appear to be bringing their highest-conviction tech positions onchain. By October 1, total deposits reached $9 million, reflecting approximately $3.8 million in inflows during the week following launch.

The scheduling mismatch is a specific risk to watch. Aave’s market never closes, but Chainlink’s price feeds run 24/5, in step with traditional equity trading. That means weekends are a quiet zone where stock prices can’t update. If major news breaks on a Saturday, the onchain price won’t reflect it until feeds resume, and borrowers sitting near their limits may find little room to react. LlamaRisk’s conservative collateral factors look designed partly with that kind of scenario in mind.

The US exclusion is a reminder that tokenized equities still live in a regulatory gray zone. Stocks are securities, and lending against them onchain raises questions that American regulators have not fully settled. For now, the product is built for the rest of the world.