Morpho adds USDC lending for five Coinbase tokenized stocks

Morpho has opened lending markets for five Coinbase tokenized stocks on Base, with users pledging $104,401 in stock tokens and borrowing $54,652 in USDC against them so far. Summary Morpho has opened lending markets for five Coinbase tokenized stocks on Base, with $104,401 pledged as collateral and $54,652 borrowed in USDC. Apple, Alphabet, Nvidia, Meta and SpaceX tokens are supported, while five other Coinbase stock tokens currently have no Morpho markets. Borrowing jumped from $503 to $42,105 in roughly two hours on Sept. 16 and has since climbed to $54,652. All current borrowing is concentrated in variable rate markets, while Morpho’s 95 Midnight fixed rate markets have no outstanding loans. According to Morpho, holders can now use the Coinbase issued assets as collateral and borrow USDC through variable rate markets or its Midnight fixed rate lending layer, giving eligible investors a way to access dollars without selling their tokenized stock positions. Stock-backed loans are live on Morpho. Users can lend and borrow against @coinbase tokenized stocks at variable & fixed rates on @base. pic.twitter.com/3IfejB0Okp — Morpho 🦋 (@Morpho) September 18, 2026 The markets cover Apple (AAPLc), Alphabet (GOOGLc), Nvidia (NVDAc), Meta Platforms (METAc) and SpaceX (SPCXc). Coinbase currently has 10 stock tokens listed on Base, but Amazon, Microsoft, Strategy, SanDisk and Tesla do not yet have corresponding Morpho markets. Morpho lending starts with five Coinbase stocks Borrowing remained limited after the five markets were deployed on Sept. 7, with outstanding loans staying below $600 until Sept. 16. Morpho historical data showed borrowing climbing from $503 to $42,105 in roughly two hours that day before reaching $54,652 by Friday morning. The lending activity follows Coinbase’s expansion of its tokenized equity products on Base. Coinbase initially released Apple, Nvidia, Meta and Alphabet tokens in August before adding six more stocks in September, taking the lineup to 10 assets. The second batch included Amazon, Microsoft, Strategy, SanDisk, SpaceX and Tesla. You might also like: Coinbase connects crypto services to 3,000+ U.S. banks Coinbase’s first four products are backed one for one by underlying shares held through a segregated custody arrangement, crypto.news previously reported. The tokens represent beneficial interests in the underlying securities and are designed to remain in self custodial wallets while interacting with supported applications on Base. Coinbase Onchain SPV Ltd., an entity incorporated in the Abu Dhabi Global Market, issues the securities. The products are offered to eligible investors outside the United States and are not registered under the U.S. Securities Act. Steakhouse Financial curates all five Morpho markets and determines parameters including collateral requirements. Its two Steakhouse High Yield USDC vaults account for 98.9% of the dollars supplied to the largest market. For Apple, the two vaults supply $24,540 of the $24,805 deposited into the lending pool.