The Equities Hub on Base takes tokenized Apple, Microsoft, Nvidia and four other stocks as collateral at 65 to 79 percent, capped at about $29 million, and lends only USDC against them. The market runs continuously while the Chainlink feed pricing that collateral stops publishing from Friday evening until Sunday evening Eastern.
Aave opened a collateral market on Base on Friday, September 25 that accepts seven Coinbase-issued tokenized stocks as backing for USDC loans. The Equities Hub, running on Aave V4, takes tokenized Apple, Amazon, Alphabet, Meta, Microsoft, Nvidia and Tesla, and lets a borrower draw USDC against them.
The published parameters set collateral factors between 65 and 79 percent, varying by name. Meta and Tesla sit at the bottom of that range at 65 percent, Nvidia at 70, Amazon at 73, Alphabet at 76, Apple at 78 and Microsoft at 79. The seven stocks share a combined initial collateral ceiling of about $29 million. On the other side, the market can hold $32 million of supplied USDC and lend out $21 million of it.
The equities are collateral only. A user can post them and borrow USDC; the stock tokens themselves cannot be borrowed, and a position in one of them cannot be used to borrow another. Aave's Hub and Spoke structure pools all seven into a single USDC market while keeping risk parameters isolated per asset, so a problem in one name does not automatically set the terms for the rest.
The two ceilings line up. The unweighted average of the seven published collateral factors is 72.3 percent. Assuming the collateral cap filled evenly across all seven names, $29 million of stock collateral would support about $21 million of USDC borrowing, which is where the borrow cap sits. The lending side is therefore sized to roughly the most the collateral side could carry.
Coinbase's tokenized stocks are available only in eligible jurisdictions outside the United States, and the restriction attaches to the token rather than to the company behind it. A US user cannot borrow against tokenized Apple, even though Apple trades on a US exchange. Domestic venues are working under a separate regime: the SEC issued an order in September letting venues trade tokenized shares of listed US companies without registering as exchanges, on notice rather than approval, with a five-year expiry and caps holding any one venue to a fraction of a stock's daily volume.
Stani Kulechov, who founded Aave Labs, framed the launch as a change in what the assets are for. "Until now a tokenized stock was something you could hold or trade. Today it becomes something you can borrow against."
The pricing is where the market and its underlying asset part company. Chainlink supplies the collateral prices through tokenized equity feeds, and those feeds publish from Sunday evening to Friday evening Eastern time, holding over weekends and market holidays. Continuous feeds are expected later. The lending market does not keep those hours. It accepts deposits, issues loans and liquidates positions whenever someone transacts.
That leaves a gap with a fixed shape. A borrower's collateral is valued from the oracle price, so when the feed stops publishing, the recorded value of the collateral stops moving while the debt against it stays on the books. Nothing adjusts over a weekend, because the input that would drive the adjustment is frozen. Whatever the stock does between Friday's close and the next published price arrives in one step when the feed resumes. The first of those windows opened the evening after the launch. A borrower who takes the maximum against tokenized Nvidia leaves a 30 percent gap between the loan and the collateral behind it, and that gap is what has to cover the move.
Aave is not the only route to leveraged equity exposure being built on crypto rails this month. Coinbase filed to list stock perpetual futures with the CFTC under a 0.1 percent hourly funding cap, and NYSE's planned tokenized venue signed a distributor before it had approval to operate. The Aave market is the one that is live.
The caps make this a small deployment by the standards of Aave's other markets, and they are the part that is straightforward to change. Supply and borrow ceilings were set in the deployment proposal and can be raised through the same governance route. The hours the price feed keeps are set by the market it tracks.
