Morpho Launches Coinbase Tokenized Stock Lending Market on Base

Mars Finance reports that the decentralized lending protocol Morpho has launched a lending market for Coinbase’s tokenized stocks on Base. Holders can use five stock tokens as collateral to borrow USDC at either floating or fixed rates. Coinbase has been issuing these stock tokens to users outside the U.S. since August, allowing them to be stored in self-custody wallets and used as collateral for loans, providing dollar liquidity without selling holdings. Data shows that borrowers have pledged $104,400 worth of stock tokens and borrowed $54,700, with total supply across the five markets at approximately $60,300. All five markets are curated by Steakhouse Financial, whose two Steakhouse High Yield USDC vaults provided 98.9% of the capital in the largest market. The markets cover tokenized shares of Apple, Alphabet, NVIDIA, Meta, and SpaceX. The loan-to-value (LLTV) liquidation threshold is 62.5% for Apple, NVIDIA, Meta, and SpaceX markets, and 77% for the Alphabet market. Currently, all borrowing occurs in the floating-rate markets; the fixed-rate layer, Midnight, has 95 markets with no outstanding positions. Utilization rates for Apple, Alphabet, and NVIDIA markets stand at 90%, with borrowing rates at 5.62%; the Meta market has a utilization rate of 97% and a borrowing rate of 17.52%. Total deposits on Morpho’s Base deployment amount to $4.03 billion, with total deposits across all chains reaching $10.42 billion.