Centrifuge’s deSPXA now accepted as collateral on Hyperdrive

Wall Street’s favorite index just picked up a new side gig. Centrifuge’s deSPXA token is now accepted as collateral on Hyperdrive, letting holders borrow USDC against exposure to the S&P 500.

How the deSPXA market works

Hyperdrive has opened a lending market built specifically for real-world assets, or RWAs, on Base. Base is the Ethereum layer-2 network incubated by Coinbase.

Inside that market, eligible non-US users can deposit deSPXA and borrow USDC. The token represents exposure to the Janus Henderson Anemoy S&P 500 Index Fund, which goes by the ticker SPXA.

The headline promotional number is the borrowing cost. As of early October 2026, Hyperdrive was promoting rates below 1% APR for USDC loans backed by deSPXA.

When it announced its RWA markets, including deSPXA, on September 29, 2026, Hyperdrive offered lenders incentives of 50K USDC spread over six months.

Pricing tied to NAV, not the order book

Hyperdrive prices collateral using a redemption-based model tied to net asset value, or NAV, which is the underlying value of the fund’s holdings. Hyperdrive’s approach aims to reduce the liquidation risk that comes with standard DeFi financing.

Early numbers are modest. A dedicated Hyperdrive deSPXA market vault on Base held approximately $15.9K in total value locked as of September 26, 2026. The vault’s share token was priced near 1.004 USDC at the time.

Background: Centrifuge’s deRWA push

deSPXA launched on Base on or around March 30, 2026. It was the first product released under Centrifuge’s deRWA framework.

Hyperdrive is not deSPXA’s first integration. The token was already supported for lending on Morpho, where it carried a 77% loan-to-value ratio. deSPXA also trades on Aerodrome, a decentralized exchange on Base, and has posted multi-million-dollar quarterly trading volumes despite a relatively low market cap.

Centrifuge has positioned itself as a leading tokenization player on Base following a strategic investment from Coinbase, which has supported Centrifuge’s infrastructure buildout in the ecosystem.

What this means for tokenized equities

deSPXA can now be traded on Aerodrome, lent on Morpho, and borrowed against on Hyperdrive.

Access is restricted to eligible non-US users, which cuts out the very market the S&P 500 tracks. A vault holding approximately $15.9K is a starting point, not a deep market. The 50K USDC lender incentive is a test of whether rewards can build supply fast enough to meet borrower demand.