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Seventy-five percent of borrowers using Aave’s stock-token-backed lending service on the Base network were first-time Aave users on that network, Crypto Briefing reported.
Aave launched Equities Hub on Sept. 25, allowing eligible users outside the U.S. to borrow USDC against tokenized shares of the Magnificent 7, the seven largest U.S. big tech companies. Since the launch, the number of borrowing wallets has grown from eight initially to 144 by mid-October. As of Oct. 18, stock tokens deposited as collateral totaled $9.57 million, while loans outstanding stood at $4.08 million. The loan-to-value ratio also rose to 42.9% from 22.2% at launch.