Deposits of Coinbase-issued SpaceX tokens into Aave V4 on Base reached approximately $871,000 by November 5, 2026, up 1,602% since October 31, according to the source. The token, SPCXc, represents SpaceX Class A common stock and is now being used as collateral for USDC loans.
What is SPCXc?
SPCXc is a certificate that reflects SpaceX Class A common stock. The counter is Alpaca Securities LLC, and the underlying shares are held in segregated custody, meaning they are kept separate rather than pooled with other assets. Coinbase issues SPCXc under its B20 standard, its framework for bringing stock-backed tokens on-chain.
The deposits sit inside Aave V4's Equities Hub on Base, Coinbase's layer-2 network. Users deposit SPCXc and borrow USDC, the dollar-pegged stablecoin, against it.
Collateral rules and limits
SPCXc went live in the hub around November 4, 2026. Aave set its collateral factor at 55%, meaning that for every $100 of SPCXc posted, a user can borrow up to about $55 in USDC. The market also caps SPCXc deposits at 37,000 tokens, limiting the protocol's exposure to a single stock-backed asset. Pricing comes from Chainlink, the oracle network that feeds outside data into smart contracts.
SPCXc is available only to eligible non-US users.
Equities Hub background
Aave launched the Equities Hub on September 25, 2026. At launch, it supported seven tokenized US tech stocks as collateral for USDC borrowing. The hub is an isolated market, a design that walls off stock-backed collateral from the rest of Aave's lending pools.
Implications for DeFi and tokenized stocks
The core appeal is liquidity without selling. A holder who wants cash but still believes in SpaceX can borrow USDC against the position instead of exiting it. For Coinbase, SPCXc is issued by Coinbase, runs on Coinbase's Base network, and settles loans in USDC.
A 55% collateral factor signals that Aave is treating these tokens cautiously. Stock-backed tokens add layers that crypto collateral does not have: users depend on the custodian holding the shares, on the issuer honoring the structure, and on the oracle reporting accurate prices.
The 37,000-token cap is worth watching. If deposits keep climbing toward that ceiling, Aave will face a choice about whether to raise it. The non-US restriction shapes the audience as well; the current demand comes entirely from eligible international users.
