Morpho Launches Borrowing Against Coinbase Stock Tokens

Morpho has launched borrowing against five Coinbase stock tokens on Base, allowing holders to pledge them for USDC loans at variable or fixed rates. The tokenized stocks in question are Apple (AAPLc), Alphabet (GOOGLc), Nvidia (NVDAc), Meta Platforms (METAc), and SpaceX (SPCXc).

The borrowing feature is available on Morpho's platform, Base, which has seen significant activity since its launch. According to Morpho's API data, borrowers have pledged $104,401 of stock tokens and drawn $54,652 against them.

Steakhouse Financial curates the markets for these five stocks, with two of their High Yield USDC vaults supplying 98.9% of the dollars in the largest market. The liquidation loan-to-value (LLTV) for each market ranges from 62.5% to 77%, with no liquidations executed yet.

Chainlink sets the price for these markets, which are available on Base and have been live since September 7. The fixed-rate layer, Midnight, has 95 USDC markets against each of the five tokens, but all show zero units outstanding due to the lack of borrowing in the fixed-rate markets.