Aave V4 Stock-Backed Loan Market on Base Hits $25M in Deposits

aave's V4 market for stock-backed loans on base has reached $25 million in deposits, a milestone the protocol disclosed on Nov. 11 and one that jessepollak amplified to his followers.

The figure marks a rapid climb for a product line that launched only weeks earlier. On Oct. 23, base announced that aave was opening stock-backed borrowing, giving eligible investors a way to borrow against tokenized equities. By Oct. 26, deposits in Coinbase-issued tokenized stocks on the market had crossed $11.2 million — a level that has now more than doubled.

A chart circulating alongside the announcement shows the market's deposits rising from roughly $5 million in early October to $25 million by early November, though the exact measurement methodology was not detailed in the post.

Tokenized Equities as Collateral

Aave is the largest lending protocol in decentralized finance, letting users supply assets, borrow against collateral and earn yield. Its V4 architecture separates liquidity into a hub-and-spoke model, which the protocol has also deployed on Avalanche, where deposits recently topped a record 125 million.

The Base market is narrower in scope: it lets non-U.S. users post tokenized stocks — including the Coinbase-issued SPCXc tied to SpaceX, which went live on Nov. 4 — as collateral to borrow stablecoins such as USDC.

The market's growth comes as Base positions itself around tokenized real-world assets. jessepollak has repeatedly pointed to tokenized stock adoption as exceeding his expectations, and in early November highlighted LlamaRisk data showing the Aave market held up during sharp swings in U.S. equities.

What to watch: whether deposits keep climbing as more tokenized tickers are listed, and how liquidation behavior holds up during the next bout of stock volatility.