Aave Adds Coinbase Stock Tokens as Collateral on Base

The notable part is the collateral, not the venue: tokenized equities are being accepted as loan backing inside a major DeFi lending protocol, which tests whether on-chain credit can absorb traditional-asset risk rather than only crypto-native collateral. The borrowing cap and non-US eligibility signal a deliberately contained experiment, so its real function is to generate evidence on how tokenized equity collateral behaves under liquidation. Whether that model scales beyond a capped, restricted market is the open question.