Aave V4 captures over 53% of DeFi deposits for Coinbase tokenized stocks

Aave V4 holds $10.1 million in Coinbase-issued tokenized stocks on Base, making it the largest decentralized finance venue for those assets, according to figures highlighted by Token Terminal. Its share exceeds 53% of deposits across DeFi venues serving these stocks, while a separate measure of borrower activity shows the market is bringing new users to Aave on the network.

Key takeaways

• Aave captures more than half of DeFi deposits tied to Coinbase tokenized stocks.
• Three in four borrowers using tokenized Magnificent 7 collateral are first-time Aave users on Base.
• The Equities Hub permits eligible non-US users to borrow USDC against tokenized shares.

Aave V4 leads Coinbase tokenized stock deposits

Aave’s over 53% share measures deposits across DeFi venues related to Coinbase tokenized stocks—not the entire DeFi market. The $10.1 million total value locked places its V4 deployment at the front of that segment on Base.

An earlier snapshot, dated October 18, 2026, put tokenized Magnificent 7 deposits in Aave’s Equities Hub at $9.57 million. That represented 35.6% of the shares’ total tokenized supply of $26.9 million. This supply measure is distinct from Aave’s share of deposits across competing DeFi venues.

Borrowers had taken out $4.08 million in USDC against that collateral. Borrowing wallets increased from 8 to 144 by mid-October, and three out of four borrowers posting these shares were new to Aave on Base.

Between launch and October 18, the loan-to-collateral ratio climbed from 22.2% to 42.9%, with collateral factors varying between 65% and 79% depending on the token, and the hub’s aggregate collateral cap standing at roughly $29 million at launch.

Stock collateral expands Aave beyond crypto assets

Aave V4’s support for Coinbase tokenized stocks extends the protocol’s lending and borrowing offering beyond traditional cryptocurrencies. Its Equities Hub launched on September 25, 2026, as part of the V4 rollout on Base, the Ethereum layer-2 network incubated by Coinbase.

Eligible users outside the US can deposit tokenized Magnificent 7 shares and borrow USDC against them. The hub operates as an isolated pool, with USDC the only borrowing asset available at launch.

The stock tokens serve only as collateral: users cannot borrow them. Cross-collateral borrowing between stocks is also disabled, so depositing one tokenized share does not allow a user to borrow another.

The shares are backed by actual stocks held at Alpaca Securities. Aave uses Chainlink pricing data, and trading pauses over weekends and US holidays to align on-chain operations with traditional market hours.

Borrower growth amid a mixed crypto market

Aave’s expansion in tokenized stocks comes amid a mixed cryptocurrency market, with altcoins showing varying momentum. Within this segment, liquidity and users’ financial options are increasing, although the hub’s stock tokens remain restricted to collateral use.

Increasing regulatory clarity is also supporting growth for platforms such as Aave. Access to the Equities Hub remains limited to eligible non-US users, reflecting the regulatory conditions surrounding tokenized securities.

The borrower figures document participation alongside deposit growth: the market is attracting users who had not previously borrowed through Aave on Base. Any addition of further equities or alternative assets such as GHO within this framework rests with Aave governance.

Article produced with the assistance of artificial intelligence and reviewed by the editorial team.