Jack Paul 
Aave V4 is drawing more attention from users who want to borrow stablecoins without selling tokenized stock holdings. The platform now has 144 wallets borrowing USDC against tokenized stocks, up from 8 wallets when the feature launched on Sept. 25, according to data shared by @tokenterminal.
That is a sharp move for a young market. The total collateral in Coinbase-issued tokenized stocks has reached $9.0 million. The list includes Apple, Nvidia and Tesla, which are familiar names for traders who may prefer not to sell shares outright. Borrowing against those assets has produced $3.8 million in USDC loans so far.
Why the number matters
The wallet count is small in absolute terms. Still, the jump from 8 to 144 suggests that some users are testing whether tokenized equities can work as loan collateral. It also hints at demand for cash flow without an immediate sale. For Aave, the experiment may bring new types of users, though it is too early to call it a durable trend. Market conditions are quiet, and Aave’s trading volume is listed at 0 at the time of writing, so the borrowing data stands out more than spot activity.
What to watch
The next signals are user retention and borrowing rates. If the same wallets keep returning, that would say more than a one-time spike. Traders may also watch whether more tokenized stocks are added and whether regulators raise questions about using such assets in lending. Aave has not given a long forecast, and the data covers only a short period since launch.
Risks remain
Tokenized stock collateral is not the same as plain crypto collateral. Price gaps, custody rules and settlement details can all affect how the loans behave under stress. For now, the 144 wallets are a useful data point, not proof of a permanent shift. The market will need more weeks of activity before the trend becomes clear.