Coinbase has launched stock-backed loans through the Morpho lending platform, allowing eligible users to lend and borrow against tokenized stocks on Base. The initiative was announced on September 18, 2026, and enables users to access USDC liquidity using Coinbase-issued stock tokens as collateral at both variable and fixed rates.
Morpho opened lending markets for five Coinbase tokenized stocks: Apple (AAPLc), Alphabet (GOOGLc), Nvidia (NVDAc), Meta Platforms (METAc) and SpaceX (SPCXc). As of Friday morning, users had pledged $104,401 in stock tokens as collateral and borrowed $54,652 in USDC against them. Five other Coinbase stock tokens — Amazon, Microsoft, Strategy, SanDisk and Tesla — do not yet have corresponding Morpho markets.
Borrowing activity was initially limited after the five markets were deployed on September 7, with outstanding loans staying below $600 until September 16. Morpho historical data showed borrowing climbing from $503 to $42,105 in roughly two hours that day before reaching $54,652 by Friday morning. All current borrowing is concentrated in variable rate markets, while Morpho's 95 Midnight fixed rate markets have no outstanding loans.
Steakhouse Financial curates all five Morpho markets and determines collateral parameters. Its two Steakhouse High Yield USDC vaults account for 98.9% of dollars supplied to the largest market. Morpho’s Apple, Nvidia, Meta and SpaceX markets have a liquidation loan-to-value ratio of 62.5%, while Alphabet carries a higher 77% threshold. Chainlink introduced price feeds for the initial Coinbase stock tokens, and Morpho now uses its Chainlink V2 oracle adapter to price collateral in the five markets.
The tokenized stock collateral market remains small. Around $11.4 million of the five supported stock tokens is outstanding on Base, and the $104,401 deposited as Morpho collateral represents less than 1% of that amount. Trading activity across Base’s tokenized stock sector has expanded more quickly, with Token Terminal recording $730.9 million in decentralized exchange volume over the 30 days ending September 12.
Morpho holds $4.03 billion in deposits on Base and $10.42 billion across supported chains. MORPHO traded at $2.40 on Friday, up 11% over the previous 24 hours, with a market capitalization of $1.68 billion, according to CoinGecko. Bitcoin gained 4.9% over the same period, while ether rose 4.3%.
