Overview
- Aave Labs published and deployed an Equities Hub on Base on Sept. 25–26 that accepts seven Coinbase tokenized stocks—AAPLc, AMZNc, GOOGLc, METAc, MSFTc, NVDAc and TSLAc—as collateral for USDC loans.
- At launch the market is collateral‑only with USDC as the sole borrowable asset, and Aave set a $32 million USDC supply cap, a $21 million USDC borrow cap, and roughly $29 million in combined stock collateral limits with per‑asset collateral factors ranging roughly from 65% to 79%.
- Coinbase Onchain SPV Ltd. issues the tokens and Alpaca Securities LLC holds the underlying shares in segregated custody, with the tokens structured as total‑return instruments that reinvest dividends via an onchain multiplier and are offered only to eligible non‑U.S. users under Regulation S.
- Chainlink provides onchain price feeds on a 24/5 schedule that freeze the last published price over weekends and U.S. market holidays, which can cause sharp repricing when the feed resumes and shapes liquidation risk because onchain loan values do not update continuously.
- The deployment was published as an Aave governance proposal requiring an offchain Snapshot and an onchain vote for full DAO authorization, and the announcement produced immediate market interest with a short‑term uptick in AAVE trading prices.