Aave has launched a new V4 lending market on the Base platform, allowing qualified non-US users to use seven tokenized shares from Coinbase as collateral for USDC loans. The launch took place on September 25, 2026, with a lending limit of $21 million. Currently, the value of AAVE is around $146, with the token rising by 2.4% over the past 24 hours. The lending involves tokens linked to shares of companies like Apple, Amazon, Alphabet, Meta, Microsoft, Nvidia, and Tesla (tickers AAPLc, AMZNc, GOOGLc, METAc, MSFTc, NVDAc, TSLAc).
The market is called Equities Hub. Coinbase Onchain SPV Ltd. issues the tokens, while Alpaca Securities holds the underlying shares in segregated custodial accounts. Chainlink provides price feeds for the tokenized shares, LlamaRisk conducted the risk assessment, and Aave Labs deployed the V4 instance on behalf of the Aave DAO.
As stated by Stani Kulechov, founder and CEO of Aave Labs: “Until now, a tokenized share was merely an object of ownership or trade. Today it becomes an asset that can be used as collateral.” Users will be able to pledge their shares and receive USDC loans without needing to liquidate their investments. Users cannot borrow against one token with another, and the shares themselves are not available for borrowing.
Aave has set individual limits for each of the tokens, and they all serve only as collateral. Collateral factors: MSFTc – 79%, AAPLc – 78%, GOOGLc – 76%, AMZNc – 73%, NVDAc – 70%, METAc and TSLAc – 65%. Supply limits: AAPLc – 15,000 tokens, AMZNc – 10,500, GOOGLc – 15,000, METAc – 5,800, MSFTc – 5,200, NVDAc – 24,000, TSLAc – 14,000. The supply limit for USDC in the main lending market is $32 million, with loans capped at $21 million. The aggregate limit for equity collateral is about $29 million. The maximum liquidation bonus is 5.5%.
A key feature of the market is its operational mode. Lending is available around the clock, but Chainlink price feeds are published on a 24/5 schedule: from Sunday 8:00 PM Eastern Time to Friday 8:00 PM. Prices are not updated on US weekends and holidays, but interest continues to accrue. Upon resumption of publication, a sharp revaluation of collateral may occur. The feeds also account for the issuer multiplier for reinvested dividends and stock splits.
The tokens are offered under Regulation S and are unavailable in the US and other restricted jurisdictions. Aave restricts access to qualified non-American persons in permitted jurisdictions. Secondary ownership and trading are permissionless, but the issuer can block specific addresses. Primary minting and redemption are available only to verified institutional partners.
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