Morpho Brings Stock Token Borrowing to Base

Morpho has launched lending and borrowing markets on Base against Coinbase's tokenized stocks. The five supported tokens are AAPLc, GOOGLc, NVDAc, METAc, and SPCXc. Holders can pledge these tokens to draw USDC at variable or fixed rates.

The markets have a 62.5% liquidation loan-to-value (LLTV) except for the Alphabet market, which is set at 77%. The Apple market has seen no liquidations since deployment and has a 12.67% penalty rate. At a snapshot on September 16, $42,105 was borrowed, with $104,401 pledged and $54,652 drawn.

The Meta market is at 97% utilization, with borrowers paying 17.52% interest and lenders earning 16.98%. Steakhouse Financial supplies 98.9% of the dollars in the largest vault, which holds $29.9 million and pays a net interest rate of 5.18%.