Morpho Opens Borrowing Against Coinbase's Tokenized Stocks

Morpho has launched lending and borrowing markets on the Base blockchain that allow users to pledge Coinbase-issued tokenized stocks as collateral for USDC loans. The platform currently supports five specific stock tokens, including Apple, Alphabet, Nvidia, Meta Platforms, and SpaceX, with borrowing activity concentrated in variable-rate markets. Steakhouse Financial acts as the primary curator for these markets, with its high-yield USDC vaults providing the vast majority of liquidity. While the total outstanding supply of these tokenized stocks on Base is approximately $11.4 million, current borrowing against them on Morpho remains modest at roughly $54,652. These markets utilize Chainlink price feeds to manage collateralization, with liquidation loan-to-value ratios set between 62.5% and 77%. Access is strictly restricted to non-U.S. persons, aligning with the regulatory framework established by Coinbase Onchain SPV Ltd. This development represents a significant step in integrating traditional equity exposure into decentralized finance protocols, enabling investors to leverage their positions without liquidating assets. The expansion highlights the growing utility of tokenized real-world assets within the Base ecosystem.