According to the data emphasized by Token Terminal, Aave V4 currently holds $10.1 million in tokenized stocks issued by Coinbase on Base, making it the largest decentralized finance (DeFi) platform for such assets. Its share of deposits on the DeFi platform that serves these stocks exceeds 53%, and another indicator of borrower activity shows that this market is bringing new users to Aave on that network.
Key Points
- Aave occupies more than half of the DeFi deposits related to the tokenized stocks of Coinbase.
- Among borrowers who use the tokenized stocks of the "Big Seven" U.S. stocks as collateral, three-quarters are Base on Aave first-time users.
- Equities Hub Allows eligible users outside of the United States to borrow USDC by using tokenized stocks as collateral.
Aave V4 Leads the Way in Coinbase Tokenized Stock Deposits
More than 53% of the shares refer to deposits related to the tokenized stocks of Coinbase, distributed across various DeFi platforms, rather than the entire DeFi market. With a total locked-up value of $10.1 million (TVL), its deployment in the Base segment ranks among the top.
An earlier snapshot dated October 18, 2026, shows that the tokenized deposits of the “Big Seven U.S. Stocks” in Aave Equities Hub amounted to 9.57 million US dollars. This corresponds to 35.6% of the total tokenized supply of 26.9 million US dollars for these stocks. This supply indicator is a different concept from the share of this supply in the competitive DeFi platform deposits in Aave.
Borrowers have borrowed a total of $4.08 million in USDC based on these collaterals. By mid-October, the number of borrowing wallets increased from 8 to 144, and among those borrowers who used these stocks as collateral, three-quarters had never previously utilized Aave on Base.
From its launch until October 18th, the loan-to-value ratio increased from 22.2% to 42.9%; depending on the token, the collateral coefficient ranged between 65% and 79%; the total collateral limit at the launch of this hub was approximately 29 million US dollars.
Stock collateral will be extended to include Aave beyond crypto assets.
The support for tokenizing stocks provided by Aave V4 to Coinbase has enabled the lending services of this protocol to expand from traditional cryptocurrencies to a wider range of assets. Its Equities Hub was launched on September 25, 2026, as part of the V4 initiative on Base. Base is an Ethereum layer-2 network incubated by Coinbase.
Eligible users outside of the United States can deposit tokenized stocks of the "Big Seven US Stocks" and use these as collateral to borrow USDC. This hub operates in the form of a segregated pool, and the only asset that can be borrowed upon launch is USDC.
These stock tokens can only be used as collateral; users cannot borrow the tokens themselves. Cross-collateralized lending between stocks is also prohibited, so depositing one type of tokenized stock does not allow users to lend another type.
These stocks are backed by actual shares held by Alpaca Securities. Aave uses the pricing data from Chainlink and suspends trading on weekends and during American holidays to align the on-chain operations with traditional market trading hours.
Borrower growth occurs in a fragmented crypto market.
Aave's expansion in the field of tokenized stocks comes at a time when the performance of the cryptocurrency market is diverging, with various altcoins showing different dynamics. In this niche market, liquidity and financial options for users are increasing, however, the stock tokens within this hub are still limited to collateral purposes only.
The improvement in regulatory clarity is also supporting the growth of platforms such as Aave. Access to Equities Hub is still limited to qualified users outside of the United States, which reflects the regulatory conditions surrounding tokenized securities.
Borrower data records participation while deposits are growing: This market is attracting users who previously did not borrow through Aave on Base. As for whether more stocks will be added under this framework, or whether alternative assets such as GHO will be incorporated, it depends on the governance of Aave.
This article was generated with the assistance of artificial intelligence and has been reviewed by an editorial team.
