Coinbase代币化股票成为USDC贷款的抵押品…

投资者如何利用 Aave 上的 Coinbase 代币化股票？

Coinbase 发行的代币化股票现已可在 Aave V4 上作为 USDC 贷款的抵押品，这使得七种美国股票从仅在链上持有和交易的资产，转变为支持去中心化借贷的抵押资产。Aave 在 Base 网络上推出的新“股票中心”（Equities Hub）接受追踪苹果、亚马逊、Alphabet、Meta、微软、英伟达和特斯拉股价的代币化股份。这些产品面向允许管辖区内符合资格的非美国用户开放，延续了 Coinbase 自今年8月起在 Base 网络上推出代币化美国股票的部署计划。

用户可以存入股票代币作为抵押品，并以这些代币为抵押借入 USDC。在初始阶段，股票本身不能被借出，这限制了初期市场仅限于股票支持的稳定币借贷，而非允许投资者做空或将一种股票借给另一种股票。“公开股票市场是全球最大的资金池之一，而代币化正在开始将这些资金引入链上。”Aave Labs 创始人兼首席执行官 Stani Kulechov 表示。这一发展赋予了代币除了交易之外的另一项功能。例如，持有代币化英伟达股票的投资者可以在保持对股票敞口的同时，利用该头寸获取 USDC 流动性，而无需出售股票。

Aave 的股票市场能承载多大的规模？

The initial capacity of the market is deliberately limited. The total collateral limit for the seven stocks is approximately $29 million, the USDC supply limit is approximately $32 million, and the USDC borrowing limit is $21 million. Depending on the stock, mortgage ratios range from 65% to 79%. These limits determine how much USDC a user can borrow per tokenized stock and provide a buffer for fluctuations in underlying stock prices.

These seven stocks are integrated into a dedicated "stock center" through Aave V4's "Hub and Spoke" architecture. A single USDC reserve provides borrowing liquidity, while risk settings are set individually for each stock. As a result, issues involving a single stock can be managed without automatically extending the same parameters to six other assets. This release fills a previously missing step: Although Chainlink has been selected to price Coinbase's tokenized shares, stock-backed lending will only be officially launched once Aave V4 is in place. Oracle data provides DeFi applications with the valuation infrastructure they need to conduct collateral calculations.

Investor Revelation

The bigger change is not just the migration of stocks onto the chain. Tokenized stocks began to function as productive DeFi collateral, allowing investors to borrow stablecoins while retaining equity exposure. This creates new capital efficiencies, but also introduces clearing, oracle, and smart contract risks that are not present when holding the same stock in a regular brokerage account.

What happens when a stock is traded 24/7 but the price is not updated?

"Stock Center" also exposed an unusual market structure problem. Coinbase's stock tokens can flow around the clock through the blockchain market, while the underlying U.S. stocks are mainly traded during specified market hours. Aave's initial setup uses the Chainlink tokenized stock data source to publish prices 24 hours a day for five days of the weekday. During weekends and market holidays, data sources maintain their last published values. This creates a potential mismatch: the tokens are still transferable, but the collateral price may temporarily stop being updated.

This is one of the risks investors already face when trading Coinbase tokenized shares on Base, but it becomes even more important when these assets support leveraged borrowing. If a stock-related event occurs during traditional market closures, a final adjustment in oracle prices could quickly change the borrower's loan health when pricing resumes. Therefore, conservative mortgage rates and exposure caps were core elements of the initial design.

What does this mean for the tokenized stock market?

代币化往往侧重于将传统资产放置在区块链上。Aave 正在推动下一阶段：使这些资产在信贷市场中可用。这对于采用率的影响可能比单纯的 24/7 交易更大。一旦代币化股票可以作为抵押品，它们就可以与稳定币、借贷协议和其他链上金融产品相互作用，而不是主要作为证券的数字包装器。Aave 在连接现实世界资产与去中心化信贷方面拥有丰富的经验，并已处理超过 1 万亿美元的累计贷款。添加公开股票为该协议提供了另一个大型抵押品类目以追求。

随着时间的推移，更多的 Coinbase 发行股票可能会被纳入“股票中心”，而 Aave 也为 GHO 成为受治理和风险审查约束的可借入资产留出了空间。相对于全球股票市场而言，初始的 2900 万美元抵押品限制很小。更重要的测试在于投资者是否真的选择以代币化股票为抵押进行借贷。如果他们这样做，代币化股票领域的竞争将越来越取决于这些资产在发行后能做什么，而不仅仅是平台能将多少股票放入链上。