Seven tokenized shares of American tech companies from Coinbase have been utilized as collateral on Aave V4 in the Base network. Users outside the US can now borrow USDC against them. The list includes AAPLc, AMZNc, GOOGLc, METAc, MSFTc, NVDAc, and TSLAc. The protocol receives market data through official Coinbase oracles from Chainlink. At launch, the tokens are available only as collateral.
Each token is an on-chain certificate from Coinbase Onchain SPV Ltd, granting the holder rights to a specific underlying security. The shares are held by broker-dealer Alpaca Securities LLC, registered with the SEC, in segregated accounts. The issuer holds them as a nominal trust owner under a trust agreement for the benefit of token holders. Dividends are used to purchase additional shares after deducting fees and withholding tax, and splits are reflected through a multiplier starting at 1.0. This makes the token a total return instrument.
Equities Hub combines a single reserve of USDC and a common credit pool. The user deposits a combination of the seven tokens and borrows USDC; each security has its own collateral ratio. The market operates without weekends, except for corporate events – during which the reserve is paused. Prices are published from 8:00 PM Sunday to 8:00 PM Friday New York time, with oracles holding the last quote over the weekend.
Developers plan to add new tokenized shares and the GHO stablecoin as an asset for loans – through governance voting and risk assessment. Access is legally restricted: the securities are offered under Regulation S only to qualified persons outside the US. Base does not issue, sell, or hold them.
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