Aave tops $31B supplied as tokenized stocks arrive on Base

Aave's supplied assets climbed above $31 billion, up 23 percent in 30 days, as Coinbase Tokenized Stocks head to its V4 deployment on Base.

"Excited to see Coinbase Tokenized Stocks coming to Base. Aave will be the first lending venue where users can lend Coinbase tokenized stocks and borrow stablecoins against them, creating an onchain line of credit backed by Coinbase stocks," Stani Kulechov, founder of Aave, said.

The four initial tokens — NVDAc, METAc, AAPLc and GOOGLc tracking Nvidia, Meta, Apple and Alphabet — went live on Base on Monday with a combined onchain value of about $4.55 million and $10.8 million in 24-hour volume, according to DEX Screener data. Chainlink provides the oracle feeds, publishing total-return values that fold in dividend and split adjustments. The feeds run 24/5 while the tokens trade 24/7, leaving a weekend gap where onchain prices can move while the oracle holds Friday's close.

The integration connects two growing trends: DeFi lending and tokenized real-world assets. Tokenized public equities represent a $2.48 billion market with 2.12 million holders, according to rwa.xyz data. Aave's V4 deployment on Base remains in governance review, with risk parameters for stock-backed collateral still being configured.

How the Tokenized Stock Structure Works

Coinbase issues the tokens through Coinbase Onchain SPV Ltd, incorporated in Abu Dhabi Global Market, with underlying shares held by Alpaca Securities in segregated accounts. The structure gives holders a direct beneficial claim on the underlying equity, though one token does not permanently equal one share — dividends are reinvested into additional shares and represented by an increasing multiplier rather than new tokens.

The tokens are offered under Regulation S and are unavailable to US persons. Minting and redemption are limited to KYC-onboarded Authorized Participants, while secondary trading is permissionless. Base's B20 standard extends ERC-20 to handle corporate actions through an onchain multiplier designed to avoid disrupting existing DeFi positions.

Aave's Growth and the Competitive Field

Aave founder Stani Kulechov had earlier flagged deposits crossing $30 billion. The move above $31 billion extends a period of sustained capital inflows as the protocol expands beyond crypto-native collateral into real-world assets.

The tokenized-equity space is increasingly crowded. Ondo Finance leads with $872.7 million across 406 assets, followed by Backed's xStocks at $588 million and Binance's bStocks at $552.7 million, per rwa.xyz. Kraken's xStocks has passed $25 billion in combined centralized and decentralized volume. Coinbase enters with four tickers and says more are coming.

Aerodrome holds the deepest liquidity pools for the four tokens, with $957,307 behind NVDAc and between $619,000 and $669,000 behind the others. AERO traded at $0.5334 on Monday, up 11.3 percent on the day. Base carries $5.49 billion in total value locked, fourth among all chains behind Ethereum, BNB Chain and Solana, according to DefiLlama.

The next step is watching how much demand develops once stock-backed lending goes live on Aave V4. The protocol must complete governance and risk configuration before accepting the tokens as collateral, including assessing onchain liquidity, holder concentration and whether liquidators can sell the collateral during a fast market. If the integration succeeds, it could give tokenized equities a practical use case beyond trading — holding equities onchain while accessing liquidity through stablecoin borrowing.

This article is for informational purposes only and does not constitute investment advice.