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Coinbase tokenized shares are officially launched as collateral on Aave V4

2026-09-26 00:45:43

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TLDR：核心要点

Aave V4 在 Base 网络上部署的 Coinbase 代币化股票现已支持以 USDC 作为贷款抵押品。目前已有七种代币化美股上线，包括 AAPLc、AMZNc、GOOGLc、METAc、MSFTc、NVDAc 和 TSLAc。

底层股份由 Alpaca Securities 托管，Coinbase 作为受托人代为持有。价格数据由 Chainlink 提供，周末及节假日价格维持最后发布值。目前仅支持将股票作为抵押品借出 USDC，尚不支持直接借贷股票代币。

什么是 Coinbase 代币化股票？

根据官方公告，Coinbase 代币化股票是以链上代币形式发行的股份凭证。每个代币均由 Coinbase Onchain SPV Ltd. 发行。其对应的底层股份由美国证券交易委员会（SEC）注册的经纪交易商 Alpaca Securities LLC 持有，并存放在发行人名下的隔离托管账户中。托管机构不得出借这些股份或将其用于自身账户，且对这些股份不享有留置权。

Coinbase 依据信托契约为代币持有人担任裸名受托人（bare trustee）。这种结构确保持有人获得真实的股权经济敞口，而非单纯的价格参考合成资产。

关于分红与拆股：

分红再投资：现金分红不会直接发放给持有人，而是用于购买额外的股份（扣除费用及预扣税后），从而增加持有份额。
股票拆分： The treatment is similar, adjusting through a multiplier with an initial value of 1.0, which is adjusted only when a company action occurs.

Over time, this mechanism makes the token a total income instrument whose value will be slightly higher than the original share price.

Lending Mechanism for Aave V4 Tokenized Shares

1. Reserve Pool Structure

The Equities Hub operates based on a single USDC reserve pool and is connected to a unified lending sector, centralizing all collateral. Users can deposit any combination of the above seven tokenized stocks and use them as collateral to lend USDC. Each token has an independent collateral factor.

2. Functional Restrictions

These stocks will only be used as collateral in the early stages of the project launch. Currently, there is no support for direct borrowing of stock tokens, nor is there any support for "stock-to-stock" hedging positions.

3. All-weather operation and company action suspension

The market operates 7 x 24 hours a day, and users can deposit, borrow, repay or withdraw funds at any time. The only exception is when corporate actions such as stock splits occur, the affected reserve pool is suspended until a new multiplier takes effect.

4. Pricing mechanism

价格数据源自 Chainlink 提供的 5x24 小时代币化股票 feeds，服务时间为美东时间周日晚上 8 点至周五晚上 8 点。在周末和美国市场假期期间，feeds 将锁定最后发布的价格。在此期间，抵押品价值保持不变，因此头寸的健康因子（Health Factor）仅因利息累积而下降。

5. 安全审计

该 V4 实例由 Aave Labs 代表 Aave DAO 部署，并由 LlamaRisk 完成了背后的风险分析。

为何具有重要意义

1. 激活闲置资本

此次整合使得投资者无需出售股票即可将闲置的股票敞口转化为流动资金，从而避免产生应税事件。持有代币化苹果、特斯拉或英伟达股份的交易者可以在保留上行潜力的同时，解锁 USDC 流动性。

2. 真实世界资产（RWA）的深化应用

这标志着更广泛的行业转变：真实世界资产正成为功能性 DeFi 抵押品，而不仅仅是停留在钱包中的链上表示。

3. 未来展望

预计未来将有更多 Coinbase 代币化股票加入 Aave V4 在 Base 网络上的市场，GHO 也将作为可借贷资产加入。每一次新增都将经过 Aave DAO 的治理和风险审查流程。随着代币供应量和市场深度的增长，供应上限和借款上限也将根据风险管家（risk steward）流程重新评估。

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