Aave opens Coinbase tokenized US stocks as collateral for USDC loans on Base
Aave's V4 Equities Hub on Base takes seven Coinbase-issued tokenized US tech stocks as collateral for USDC loans, under a $21 million borrowing cap set alongside LlamaRisk's risk parameters.
Why it matters
The hub puts single-name equity gap risk onto USDC lenders, because collateral feeds stop updating over the weekend while loans and liquidations remain open. Two other Aave items landed in the same window: SlowMist said a third-party adapter built on Aave v3 was exploited for about 114.09 ETH without touching Aave's core contracts, and Aave Labs proposed a memberless Cayman foundation to hold the protocol's trademarks, domains and codebase.
Where the sources disagree
Whether the Base equities market was already live or still awaiting governance votes
Aave's published Base deployment proposal still sets out governance votes as steps before deployment
Crypto.News
Aave Labs said on Sept. 25 that its V4 Equities Hub was operational after a temporary halt was lifted
CryptoSlate, CoinGape
Crypto.News said Aave's published Base deployment proposal still lists governance votes as steps before deployment, while CryptoSlate said Aave Labs announced on Sept. 25 that the V4 Equities Hub was operational after a temporary halt was lifted.
Size of the AAVE price move reported after the launch
AAVE jumped over 7%, trading at $146.65 as of press time
CoinGape
AAVE traded near $146.80, up 2.4% over 24 hours, according to CoinGecko
Crypto.News
$AAVE price surging more than 16%, pushing the token toward $166
Crypto News (CryptoNews.net)
Aave up 13% over the last 24 hours at press time
Crypto News (CryptoNews.net)
Outlets quoted AAVE at similar levels but with different percentage gains, and the percentages come from different timestamps and different attributed exchanges.
Which stock token the aggregator account named as accepted collateral
Tokenized stocks like Coinbase ($COIN) can be used as collateral for USDC loans
Crypto News (CryptoNews.net)
Seven tokens: AAPLc, AMZNc, GOOGLc, METAc, MSFTc, NVDAc and TSLAc
CoinGape, CryptoSlate, Crypto.News
One syndicated piece described the collateral as tokenized stocks like Coinbase ($COIN), which does not match the seven-token list every other outlet gave.
Key facts
Aave V4's Equities Hub on Base accepts seven Coinbase-issued tokenized US technology stocks as collateral for USDC loans, available to eligible non-US users.
Reported by Crypto.News
Aave set a $21 million limit on USDC borrowed in the new market.
21,000,000 USDReported by Crypto.News
Aave set a $32 million limit on USDC supplied to the main lending market.
32,000,000 USDReported by Crypto.News
Risk provider LlamaRisk put the combined initial stock collateral cap at roughly $29 million and completed the market's risk assessment.
29,000,000 USDReported by Crypto.News
Coinbase Onchain SPV Ltd. issues the tokens, Alpaca Securities holds the underlying shares in segregated custody accounts, and Chainlink provides the equity price data.
Reported by CoinGape
CryptoSlate reported that the hub's stock-linked price feeds hold Friday's value until Sunday evening while borrowing and liquidation remain open.
Reported by CryptoSlate
What happened
Aave V4 on Base opened an Equities Hub that accepts seven Coinbase-issued tokenized US technology stocks — AAPLc, AMZNc, GOOGLc, METAc, MSFTc, NVDAc and TSLAc — as collateral for USDC loans for eligible holders outside the United States. Coinbase Onchain SPV Ltd. issues the tokens, Alpaca Securities holds the underlying shares in segregated custody accounts, Chainlink supplies the onchain pricing and LlamaRisk set the risk parameters, putting the combined initial stock collateral cap at roughly $29 million. USDC is the only borrowable asset and the stock tokens themselves cannot be borrowed, so no stock-against-stock positions are possible; Crypto.News also reported that Aave's published Base deployment proposal still lists governance votes as steps before deployment, while CryptoSlate reported that Aave Labs said on Sept. 25 that the V4 Equities Hub was operational after a temporary halt was lifted. BTC-ECHO put the collateral factors at 79 percent for Microsoft, 78 for Apple, 76 for Alphabet, 70 for Nvidia and 65 each for Tesla and Meta, and Crypto.News reported a $21 million cap on USDC borrowed and a $32 million cap on USDC supplied to the main lending market. CryptoSlate reported that the hub's stock-linked feeds hold Friday's value until Sunday evening while borrowing and liquidation stay open, which the outlet said could leave bad debt with opt-in USDC suppliers if liquidators cannot recover enough value from seized tokens after the reopening repricing. Liquidity behind the tokens is thin: a Sept. 23 check by CryptoSlate found about $12.97 million combined in the ten principal Aerodrome stock/USDC pools, ranging from roughly $818,700 for MSFTc to $2.11 million for NVDAc, against reported cumulative volume of about $1.02 billion.
How the story developed
- First report
First report by CryptoSlate
$1 billion in trading volume masks hidden liquidity risks for Coinbase stock token holders
- Update
CryptoSlate checks token liquidity before the launch
A Sept. 23 premarket check found indicative buy and sell routes of about $100,000 in each of the ten Coinbase stock tokens, with the ten principal Aerodrome stock/USDC pools holding about $12.97 million combined and reported cumulative volume of about $1.02 billion.
- Independent corroboration
Independently corroborated by Crypto.News
Aave V4 adds Coinbase tokenized stocks, will AAVE price respond?
- Update
Outlets report governance votes still outstanding for the Base deployment
Crypto.News said Aave's published Base deployment proposal lists the same seven assets but still sets out governance votes as steps before deployment.
- Official statement
Aave Labs says the V4 Equities Hub is running on Base
CoinGape reported that AAPLc, AMZNc, GOOGLc, METAc, MSFTc, NVDAc and TSLAc are available through the hub, with Chainlink supplying prices and Aave Labs deploying the V4 instance on behalf of Aave DAO.
- Update
Weekend pricing gap in the stock-token feeds identified
CryptoSlate reported that the hub's stock-linked feeds hold Friday's value until Sunday evening while borrowing and liquidation continue, which could leave bad debt with opt-in USDC suppliers.
- Update
Sentora governance proposal on Aave risk control
A Sept. 28 proposal would let the risk manager choose collateral, rate curves, liquidations and oracles for an isolated Aave V4 Hub through revocable roles, with risk increases waiting 48 hours and the DAO retaining ownership.
- Update
Third-party Aave v3 adapter exploited for about 114 ETH
SlowMist said on Oct. 2 that an attacker used a flaw in the FlashLoopAdapter to compromise two Safe multisig wallets, draining about 114.09 ETH; Stani Kulechov said Aave v3's core contracts were not involved.
How coverage built up
Independent sources over time, counted the way the consensus panel counts them: a republication of a wire story does not move the line.
- 23 Sept 2026, 17:40 UTC: CryptoSlate — 1 independent source, 1 reports
- 24 Sept 2026, 21:58 UTC: Crypto News (CryptoNews.net) — 2 independent sources, 2 reports
- 25 Sept 2026, 15:06 UTC: Crypto.News — 3 independent sources, 3 reports
- 25 Sept 2026, 17:55 UTC: BTC-ECHO — 4 independent sources, 4 reports
- 25 Sept 2026, 19:06 UTC: CoinGape — 5 independent sources, 5 reports
- 26 Sept 2026, 17:30 UTC: NewsBTC — 6 independent sources, 6 reports
- 2 Oct 2026, 10:20 UTC: U.Today — 7 independent sources, 14 reports
Affected entities
Also mentioned: Chainlink, Ethereum, Tesla, Tether USDt, U.S. Securities and Exchange Commission, Avalanche, United Arab Emirates
Original sources
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