Coinbase Tokenized Stocks Now Live on Aave V4

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Coinbase Tokenized Stocks are live on Aave V4 on Base. Seven tokenized US technology stocks, AAPLc, AMZNc, GOOGLc, METAc, MSFTc, NVDAc, and TSLAc, can now be deposited as collateral to borrow USDC, with Chainlink providing market data as Coinbase’s official oracle solution. Coinbase Tokenized Stocks are available in eligible geographies outside the United States.

What are Coinbase Tokenized Stocks?

Coinbase Tokenized Stocks are stocks issued onchain as tokens where each token represents a certificate issued by Coinbase Onchain SPV Ltd.

The underlying shares sit with Alpaca Securities LLC, an SEC-registered broker-dealer, in segregated custody accounts held in the issuer's name. The custodian may not lend those shares, may not use them for its own account, and holds no lien over them. The issuer holds the shares as bare trustee for the holders under a deed of trust, so holders carry the economic exposure to real equities rather than a synthetic reference to their price.

Dividends are reinvested rather than paid out directly, so cash distributions buy additional shares, net of fees and withholding tax, and each token's claim on the underlying grows accordingly. Stock splits work the same way. Both reach the chain through a multiplier that starts at 1.0 and moves only on corporate actions, which makes the token a total return instrument that drifts above the raw share price over time.

How the Aave V4 Market Works

The Equities Hub holds one USDC reserve and one lending spoke (i.e. market) that pools all available collateral. A user can post any combination of AAPLc, AMZNc, GOOGLc, METAc, MSFTc, NVDAc, and TSLAc as collateral and borrow USDC, with each token carrying its own collateral factor. More details here.

The equities are collateral-only at launch, while borrowing the tokens themselves and opening equity-against-equity positions are not enabled.

The Aave market stays open 24/7, and users can supply, borrow, repay, and withdraw at any time, except during corporate actions such as stock splits, when the affected reserve is paused until the new token multiplier is applied. Pricing is delivered onchain by Chainlink's 24/5 tokenized equity feeds, which publish from Sunday 20:00 ET to Friday 20:00 ET.

Over weekends and U.S. market holidays, the feeds hold the last published price, so collateral values do not change until the underlying market reopens, and a position's health factor can fall only through interest accrual during that window.

What’s Next

More Coinbase Tokenized Stocks are expected to be supported on Aave V4 on Base over time, along with GHO as a borrowable asset. Each addition is subject to governance and risk review.

Supply and borrow caps will be revisited through the risk steward process as token supply and venue depth grow.

Find the Equities Hub here.

Coinbase Tokenized Stocks are securities issued by Coinbase and offered under Regulation S only to eligible non-U.S. persons in permitted jurisdictions. Base does not issue, offer, sell, custody, or make markets in these securities. Third-party protocols and venues are informational only and are not endorsements. This is not investment advice or an offer or solicitation.

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