Morpho Enables USDC Loans Using Coinbase Tokenized Stocks on Base

link" href="/prices/morpho">Morpho has launched borrowing markets on Base that accept five Coinbase‑issued tokenized stocks as collateral. Users can pledge these tokens and draw USDC at either variable or fixed rates, though all borrowing to date has occurred in the variable‑rate pools.

Supported Tokens and Market Structure

The active markets cover tokenized shares of Apple (AAPLc), Alphabet (GOOGLc), Nvidia (NVDAc), Meta Platforms (METAc) and SpaceX (SPCXc). Each market uses a liquidation loan‑to‑value (LLTV) of 62.5% for Apple, Nvidia, Meta and SpaceX, and 77% for Alphabet. The markets were deployed on September 7.

Liquidity Provision

Steakhouse Financial curates all five markets. Its Steakhouse High Yield USDC vaults supply 98.9% of the USDC in the largest market, with $24,540 of the $24,805 lent into the Apple market coming from these vaults. A smaller vault, Chipworks USDC, contributes $262, and two other wallets provide less than $3 combined.

Borrowing Activity

Borrowers have pledged $104,401 worth of stock tokens and drawn $54,652 in USDC. The total USDC supplied across the five markets is $60,265. Utilization rates vary: Apple, Alphabet and Nvidia sit at 90% utilization, while Meta is at 97%, pushing its variable rate to 17.52% for borrowers and 16.98% for lenders.

Pricing and Oracle Integration

Each market references a Chainlink V2 price feed. For example, the Apple feed reported $335.49 at the time of writing, close to the DefiLlama reference price of $337.52.

Regulatory and Access Restrictions

The markets are not available to U.S. persons or residents of other restricted jurisdictions. Access control is enforced at the token level, as Coinbase issues the tokens through Coinbase Onchain SPV Ltd under Abu Dhabi Global Market prospectuses, limiting them to non‑U.S. holders.

Fixed‑Rate Layer Status

Morpho’s fixed‑rate layer, Midnight, lists 19 USDC markets for each token (95 in total) with maturities ranging from daily to March 2027. All fixed‑rate markets currently show zero outstanding units; borrowing has only occurred in the variable‑rate pools.

Overall Context

Morpho holds $4.03 billion in deposits on Base and $10.42 billion across other chains. The tokenized stock pool on Base totals about $11.4 million, meaning the $104,401 pledged on Morpho represents under 1% of the available collateral pool.