- Aave V4 has added SPCXc, a Coinbase tokenized asset linked to SpaceX, as collateral in its lending market on the Base blockchain.
- Eligible users outside the US can deposit the token and borrow USDC against it, with a displayed collateral factor of 55%.
- The development expands the use of tokenized stocks in decentralized finance, although questions remain about price updates and liquidations when traditional stock markets are closed.
Aave Adds Spacex Token To Its Lending Market
Aave has listed a tokenized SpaceX asset on its lending protocols within its new V4 on Base blockchain. The asset, known as SPCXc is a tokenized stock provided by Coinbase. Eligible users can deposit the asset and borrow USD Coin (USDC). Aave announced the news on November 4.
SPCXc is now live on the Aave V4 market for Coinbase Tokenized Stocks on @base.
Users can borrow USDC against it.
Tokenized stocks are only available in eligible jurisdictions outside of the U.S. https://t.co/hX3KOKtrPq
— Aave (@aave) November 4, 2026
“This means you can now take out a stock-backed loan using SpaceX. We couldn’t have done this without Coinbase and Base,” said Stani Kulechov, Aave founder and CEO.
However, only eligible users can use the service in approved jurisdictions outside the US.
Users Can Borrow USDC Using Tokenized SpaceX Stocks
Within Aave Pro, SPCXc can be seen with a 55% collateral factor and 3.01% APY. Currently there are roughly 4,200 SPCXc tokens deposited. This gives around a total of $567,550. The interface also showed approximately $567,550 of liquidity. 11% of the total capacity of the asset is currently filled.
This 55% collateral factor determines what percentage of the deposited asset can be borrowed. However, this does not guarantee users can borrow 55% of the value they are holding. There are other factors involved in determining what can be borrowed.
Within the larger tokenized stocks market on Coinbase on Base there is around a total of $20.64 million in total deposits and $5.83 million borrowed. This supports 9 different assets including tokenized stocks of Alphabet, Nvidia, Meta, Tesla, Apple, Amazon and Microsoft.
These figures could change based on the activity in the market. It is also unclear if the 3.01% APY shown is for supply or borrowing from the information available.
Risks & Liquidations
This comes after Aave integrated Coinbase tokenized stocks in September. Aave V4 on Base began allowing users to deposit 7 tokenized US stocks as collateral for USDC loans. Again only eligible users outside the US could use the service.
On October 29, Chainlink added 24/7 pricing for tokenised assets. Aave has used Chainlink price feeds for institutional real world asset lending but it is unclear if SPCXc uses the feeds.
With this listing there are questions around how the price feed and liquidations will work while traditional stock markets are closed. Aave has not yet provided any information on how this will work for SPCXc.
Overall this continues the trend of traditional finance assets entering blockchain lending protocols. If this proves to be effective then tokenized stocks could become more popular to be used as collateral on DeFi platforms. However, having clear risk management and reliable pricing will be key to the long term success.
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