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My first reaction to this is: it's still the same house, just with a fancier doorplate. Aave V4 has launched a US stock token lending on Base, where non-US users can use tokenized shares of Apple, Nvidia, Tesla, and 4 other stocks as collateral to borrow USDC. Sounds fresh, but the numbers bring you back to reality. The combined collateral cap for the 7 stocks is 29 million, and the maximum USDC that can be borrowed is 21 million. In the whole DeFi space, this scale is barely a ripple. Also, the stocks can only be used as collateral, not lent out. In plain terms, this is just a testing ground for now. For long-term holders, what’s really worth pondering isn’t the 29 million, but whether this path can be expanded in the future. On-chain US stocks, on-chain lending, on-chain liquidation—if this really works, that would be a whole different story. But for now, don’t rush to treat it as some big narrative. I just want to ask: when the tokenized Nvidia you hold can really be borrowed against for stablecoins anytime, would you still want to go back to using brokers? #稳定币新规推进，支付结算加速落地 #Ondo推出基于贝莱德策略的代币化投资组合 #ARK将13亿美元风投基金代币化 $TSLA $NVDA