Centrifuge’s deSPXA now accepted as collateral on Hyperdrive

Wall Street’s favorite index just picked up a new side gig. Centrifuge’s deSPXA token is now accepted as collateral on Hyperdrive, letting holders borrow USDC against exposure to the S&P 500. How the deSPXA market works Hyperdrive has opened a lending market built specifically for real-world assets, or RWAs, on Base. Base is the Ethereum layer-2 network incubated by Coinbase. Inside that market, eligible non-US users can deposit deSPXA and borrow USDC. The token represents exposure to the Janus Henderson Anemoy S&P 500 Index Fund, which goes by the ticker SPXA. The headline promotional number is the borrowing cost. As of early October 2026, Hyperdrive was promoting rates below 1% APR for USDC loans backed by deSPXA. When it announced its RWA markets, including deSPXA, on September 29, 2026, Hyperdrive offered lenders incentives of 50K USDC spread over six months. Pricing tied to NAV, not the order book Hyperdrive prices collateral using a redemption-based model tied to net asset value, or NAV, which is the underlying value of the fund’s holdings. Hyperdrive’s approach aims to reduce the liquidation risk that comes with standard DeFi financing. Early numbers are modest. A de...