Aave V4 adds Coinbase's tokenized SpaceX stock as USDC loan collateral outside the US
Holders of SPCXc in eligible jurisdictions can now borrow USDC against it on Base. It gets the lowest borrowing limit in the market, at 55%, and deposits are capped at 37,000 tokens. It is not available to US users.
· Effective · Verified 2026-11-05 via official announcement
Effective Nov 4, 2026: Aave V4 adds Coinbase's tokenized SpaceX stock as USDC loan collateral outside the US. Affects: SPCXc holders in eligible jurisdictions outside the US. Source: x.com, verified Nov 5, 2026. Coinbase code 33NYAA8.
Aave said on 4 November 2026 that SPCXc, Coinbase's tokenized SpaceX stock, is live on its V4 market for Coinbase Tokenized Stocks on Base, and that users can borrow USDC against it. The listing brings the market to eight tokenized stocks, after it opened in September with seven large US technology names. Aave says tokenized stocks are only available in eligible jurisdictions outside the US.
The terms are tighter than for the other stocks. Each $100 of SPCXc counts for $55 of borrowing capacity, against $65 for the Meta and Tesla tokens and $76 for Alphabet on Aave's market page. Deposits are capped at 37,000 SPCXc, which risk adviser LlamaRisk put at about $5.8M when it proposed the limit in October. On 5 November the market page showed about 6,440 SPCXc, or $866,000, deposited. SPCXc can only be posted as collateral; it cannot be borrowed.
LlamaRisk tied those limits to the stock's short record. SpaceX listed in June 2026, so it has about four months of price history, and LlamaRisk measured its annualized volatility at 81%. It also said the lock-up expiry releases another 2.43B shares, 84% of the float at the time of its review, between 26 October and 8 December 2026. The price feed follows US equity market hours, 24 hours a day, five days a week, and LlamaRisk sized the limit around the falls that can occur while the market is closed.
The loan runs on Aave's contracts on Base, not through a Coinbase account, and this does not change stock trading in the US Coinbase app. Base's stocks page says Coinbase issues the tokens, backed 1:1 by shares in custody, and that they are available only in eligible jurisdictions outside the US. Neither that page nor Aave's post lists the eligible countries. LlamaRisk's review of the same certificate program says buyers on the secondary market have economic exposure but no redemption right until they complete the issuer's vesting process.
“SPCXc is now live on the Aave V4 market for Coinbase Tokenized Stocks on @base.”
— Aave on X
Who this affects
SPCXc holders in eligible jurisdictions outside the US. US users are not covered.
Coinbase at a glance
Coinbase is a US-listed (Nasdaq: COIN) custodial crypto exchange and broker. Simple buys and sells carry a spread plus a Coinbase fee, Coinbase Advanced is a maker/taker order book, and since 2025 the app has offered DEX trading of onchain Base and Solana tokens through an integrated self-custody wallet.
More from the newsroom
Sources
Last checked . Fees and terms change often; the venue's own page wins if it disagrees with ours.
- Aave on X - SPCXc live on the Aave V4 market for Coinbase Tokenized Stocks (4 Nov 2026) — checked 2026-11-05
- Aave governance proposal 537 - Onboard SPCXc to the Aave V4 Equities Hub on Base — checked 2026-11-05
- Aave governance forum - SPCXc listing proposal and LlamaRisk parameters (Oct 2026) — checked 2026-11-05
- LlamaRisk - Coinbase B20 Equities on Base technical review — checked 2026-11-05
- Aave Pro - Coinbase Stocks market on Base — checked 2026-11-05
- Base - Coinbase Tokenized Stocks — checked 2026-11-05
- The Block - Aave V4 on Base adds Coinbase tokenized stocks as collateral for USDC loans (25 Sep 2026) — checked 2026-11-05
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