Morpho launches tokenized stock collateralized lending on Base

The decentralized lending protocol Morpho announced that the lending market for Coinbase's tokenized stocks has launched on Base. Holders can use five types of stock tokens as collateral to borrow USDC at floating or fixed rates. Coinbase has been issuing these stock tokens to users outside the United States since August, allowing users to store them in self-custody wallets, enabling collateralized lending to obtain dollar liquidity without selling their holdings.

Data shows that borrowers have collateralized stock tokens worth $104,400, borrowing $54,700, with a supply of approximately $60,300 across five markets. All five markets are curated by Steakhouse Financial, with its two Steakhouse High Yield USDC vaults providing 98.9% of the funding in the largest market. The markets cover five tokens: Apple, Alphabet, NVIDIA, Meta, and SpaceX, with the loan-to-value ratio (LLTV) for the Apple, NVIDIA, Meta, and SpaceX markets at 62.5%, and 77% for the Alphabet market.

Currently, all borrowing occurs in the floating rate market, and there are no outstanding positions in the fixed rate layer Midnight's 95 markets. The utilization rates for the Apple, Alphabet, and NVIDIA markets reach 90%, with borrowing rates at 5.62%; the Meta market has a utilization rate of 97%, with borrowing rates rising to 17.52%. Morpho's total deposits on Base amount to $4.03 billion, with total deposits across the chain reaching $10.42 billion.