Morpho Enables Borrowing Against Coinbase Tokenized Stocks

Morpho has opened borrowing against Coinbase's tokenized stocks on its Base platform. Holders can pledge the tokens and draw USDC at variable or fixed rates, raising dollars without selling their position.

The five available markets are for Apple (AAPLc), Alphabet (GOOGLc), Nvidia (NVDAc), Meta Platforms (METAc), and SpaceX (SPCXc). The liquidation loan-to-value (LLTV) for these markets is 62.5%, with the exception of the Alphabet market, which is set at 77%.

All five markets were deployed on September 7, but borrowing stayed under $600 until September 16, when it rose sharply to $42,105 in about two hours. The total borrowed amount has since grown to $54,652.