Morpho deployed lending markets for Coinbase's tokenized stocks on Base on Sept. 7, enabling holders of AAPLc, GOOGLc, NVDAc, METAc, and SPCXc to pledge them as collateral and draw USDC at variable or fixed rates.

The markets are restricted to non-U.S. persons. Coinbase Onchain SPV Ltd issues the underlying tokens under Abu Dhabi Global Market prospectuses.

As of Sept. 16, $104,401 in tokenized stocks was pledged as collateral, with $54,652 USDC borrowed across the five markets. Borrowing activity remained subdued below $600 until Sept. 16, when it spiked from $503 to $42,105 within two hours.

Four of the five markets carry a liquidation LTV of 62.5 percent; the Alphabet market has a higher 77 percent LTV. Each market uses a Chainlink V2 oracle feed to determine prices. An asset with a 62.5 percent LTV liquidates at a 12.67 percent penalty. No liquidations have occurred since deployment.

One Apple market borrower holds 113.46 AAPLc tokens securing a 20,360 USDC loan with a health factor of 1.17, demonstrating immediate on-chain leverage against tokenized equity.

Three variable-rate markets operate at 90 percent utilization, their target level, where borrowers pay 5.62 percent and lenders earn 5.06 percent. The Meta market has exceeded this threshold at 97 percent utilization, with borrowing rates at 17.52 percent and lending yields at 16.98 percent.

Steakhouse Financial curates all five markets. Its two Steakhouse High Yield USDC vaults supply 98.9 percent of liquidity in the largest market. In the Apple market, these vaults contributed $24,540 of $24,805 lent, while Chipworks USDC supplied $262 and two individual wallets less than $3 combined. The Steakhouse High Yield USDC vault manages $29.9 million overall with a net yield of 5.18 percent.

Morpho's fixed-rate layer, Midnight, offers 19 USDC maturity markets for each token—95 distinct markets total. Maturities run daily through Sept. 30, then extend to Oct. 30, Nov. 27, Dec. 25, and March 26, 2027, with one open-ended market per token. All fixed-rate markets currently show zero units outstanding, indicating all borrowing to date has occurred in variable-rate markets.