Aave V4 Adds Tokenized SpaceX Stock as USDC Collateral on Base

Aave has added SPCXc, a Coinbase tokenized stock linked to SpaceX, as collateral in its V4 lending market on Base, allowing eligible users to borrow USDC against the asset.

Aave announced the listing in a November 4 post on X, confirming that SPCXc is now live in its Coinbase Tokenized Stocks market. The protocol said eligible users can deposit the token as collateral to access USDC borrowing.

Aave founder and CEO Stani Kulechov also highlighted the launch in a separate post, writing that “SpaceX is now available on stock-backed loans.” He credited Base and Coinbase for supporting the offering.

According to Aave, the service is restricted to eligible users in permitted jurisdictions outside the United States.

Aave lists SPCXc with a 55% collateral factor

Aave Pro’s market interface lists SPCXc with a 55% collateral factor and a 3.01% APY. It shows approximately 4,200 SPCXc tokens, valued at $567,550, in deposits. The interface also displays approximately $567,550 in available liquidity, with 11% of the asset’s capacity filled.

The broader Coinbase Stocks market on Base shows approximately $20.64 million in total deposits and $5.83 million in total borrows. Aave Pro’s interface lists nine supported assets, including tokenized stocks linked to Alphabet, Nvidia, Meta, Tesla, Apple, Amazon, and Microsoft.

The 55% collateral factor determines how much of the deposited asset’s value is recognized when calculating borrowing capacity. However, it does not mean users can automatically borrow 55% of their holdings’ value, as actual borrowing capacity depends on other market and account parameters.

The displayed figures reflect the interface at the time of review and may change. The available information does not specify whether the 3.01% APY refers to the supply or borrowing rate.

Aave builds on earlier tokenized asset integrations

The SPCXc listing follows Aave’s September integration of Coinbase tokenized stocks. On September 25, Aave V4 on Base began accepting seven Coinbase tokenized US stocks as collateral for USDC borrowing. Access was restricted to eligible non-US persons in permitted jurisdictions.

Chainlink introduced 24/7 pricing for tokenized assets on October 29, extending its existing weekday coverage to weekends and market holidays. The announcement included Aave’s adoption of the feeds for institutional real-world asset lending.

However, Aave has not confirmed whether SPCXc uses these specific feeds or disclosed the asset’s weekend liquidation configuration.

A separate proposal from Babylon has explored adding native Bitcoin collateral to Aave V4. On October 14, Babylon proposed using its Trustless Bitcoin Vaults to introduce native Bitcoin collateral and new spokes to the lending market. The proposal outlined liquidation mechanisms, risk controls and revenue-sharing arrangements, subject to Aave governance approval. 

Users raise questions about collateral and liquidation rules

Aave’s announcement prompted questions about the risk parameters for SPCXc. Some users asked about the asset’s loan-to-value ratio, while others questioned how oracle updates and liquidations would work when traditional stock markets are closed overnight or during weekends.

Aave has not detailed how its oracle and liquidation mechanisms will handle SPCXc when traditional stock markets are closed.

Base responded to Aave’s announcement with the word “based.” Other commenters asked whether additional stocks, including Exxon Mobil, could be added to the market. Aave and Kulechov did not announce plans or a timeline for further listings.

SPCXc is now available as collateral in Aave V4’s Coinbase Tokenized Stocks market on Base.

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