Aave V4, deployed on Coinbase's Base network, has added seven Coinbase-issued tokenized stocks including Apple, Nvidia, and Tesla as eligible collateral for USDC-denominated loans, restricted to non-US users. This marks one of the first large-scale DeFi integrations of tokenized equities as repo-like collateral, with Aave's risk parameters establishing a de facto market LTV benchmark.
For Armada's crypto desk, Aave's collateral ratios for individual tokenized equities will function as a reference rate that sophisticated counterparties like hedge funds and market makers will cite in haircut negotiations. Armada should analyze Aave's liquidation thresholds and supply caps for each tokenized stock to calibrate its own policy, and confirm that Fireblocks custody supports Coinbase-issued tokenized equity instruments.