Morpho is expanding onchain lending on Base with a new USDC borrowing market backed by tokenized stocks. Holders of five Coinbase-issued stock tokens can now post those assets as collateral and borrow USDC inside DeFi instead of selling their position first. Early usage suggests that utility is already landing: more than $104,000 of tokenized stock has been posted as collateral, and about $54,652 in USDC has already been borrowed. Coinbase’s B20 standard powers these tokens on Base, which lets them plug into onchain applications like this lending market.
So the practical shift here is simple: these tokenized equities are no longer just something to hold or trade. On Base, they can now be used to unlock dollar liquidity directly inside DeFi.