Aave V4 on Base draws $871K in tokenized SpaceX shares

Deposits of Coinbase-issued SPCXc into Aave's Equities Hub jumped 1,602% since October 31 as users post SpaceX exposure as collateral for USDC loans Tokenized SpaceX shares are now working as loan collateral. Deposits of Coinbase-issued SpaceX tokens into Aave V4 on Base reached approximately $871,000 by November 5, 2026. That figure is up 1,602% since October 31. In about a week, a small experiment became a measurable pile of collateral. What’s actually sitting in Aave The token is called SPCXc. It is a certificate that reflects SpaceX Class A common stock. Here, the counter belongs to Alpaca Securities LLC. The underlying shares are held in segregated custody, meaning they are kept separate rather than pooled with other assets. Coinbase issues SPCXc under its B20 standard. That is Coinbase’s framework for bringing these stock-backed tokens on-chain. The deposits live inside Aave V4’s Equities Hub on Base, Coinbase’s layer-2 network. Users put SPCXc in and borrow USDC, the dollar-pegged stablecoin, against it. SPCXc went live in the hub around November 4, 2026. Aave set its collateral factor at 55%. That number controls borrowing power. Roughly speaking, for every $100 of SPCXc po...