Morpho Launches USDC Lending for Five Coinbase Tokenized Stocks on Base

Morpho announced the activation of lending markets for five Coinbase‑issued tokenized stocks on the Base blockchain. Users can now pledge their tokenized shares as collateral and borrow link" href="/prices/usd-coin">USDC through variable‑rate pools or the Midnight fixed‑rate layer.

Supported Tokens and Market Activity

The new markets cover the following Coinbase tokens: Apple (AAPLc), Alphabet (GOOGLc), Nvidia (NVDAc), Meta Platforms (METAc) and SpaceX (SPCXc). Since launch, borrowers have pledged $104,401 worth of these tokens and drawn $54,652 in USDC.

Borrowing Growth

Borrowing remained under $600 until September 16, when it surged from $503 to $42,105 within two hours and later reached $54,652. All outstanding loans are in variable‑rate pools; none of the 95 Midnight fixed‑rate markets have been utilized.

Collateral Parameters

• Apple, Nvidia, Meta and SpaceX markets use a liquidation loan‑to‑value (LTV) ratio of 62.5%.
• Alphabet market uses a higher LTV ratio of 77%.
• Liquidation penalties are set at 12.67% for Apple.

Interest Rates and Utilization

Variable‑rate markets are operating near target utilization:

• Apple, Alphabet and Nvidia: 90% utilization, borrower rate 5.62%, lender rate 5.06%.
• Meta: 97% utilization, borrower rate 17.52%, lender rate 16.98%.

Market Structure and Supply

Steakhouse Financial curates the five markets and supplies most of the USDC liquidity. Two Steakhouse High Yield USDC vaults provide 98.9% of the dollars in the largest market (Apple). Overall, the five supported tokenized stocks represent about $11.4 million on Base, while Morpho’s collateral accounts for less than 1% of that total.

Regulatory and Technical Context

The tokenized stocks are issued by Coinbase Onchain SPV Ltd. in the Abu Dhabi Global Market and are offered to eligible non‑U.S. investors under Regulation S. Chainlink V2 price feeds are used to value the collateral, with feeds for Apple, Alphabet, Nvidia and Meta already in place.

Broader Ecosystem

Base hosts other lending protocols such as Aave and Euler that also accept Coinbase stock tokens as collateral. DefiLlama reports $4.03 billion in total deposits on Base, with Morpho holding a significant share.