Coinbase just put Nvidia shares somewhere your brokerage account never could. Tokenized versions of Nvidia, Apple, Meta and Alphabet recently went live on Base - and on day one, DeFi lenders were already taking them as collateral. Aave, Morpho and Euler all support the stock tokens as collateral, while Aerodrome runs the liquidity pools, so you can borrow against tokenized Nvidia or pair tokenized Apple with USDC and collect trading fees. Try doing any of that with the shares sitting in your brokerage account. Kyle, our Head Of Research, has been waiting years for this. Up until now, onchain finance had stayed niche while crypto only had crypto to trade against itself, and the best assets in the world sat outside the system entirely. Now investors outside the US, where accessing American equities is often a nightmare, can hold them and earn on them. This is still just the early innings though. Tokenized stocks total about $2.48B, up 5.2% over 30 days, across 2.1M holders and $27.28B of monthly transfer volume. We saw a record $3.4B month for tokenized equity volume back in July, roughly 4x the month prior, but most of that was SpaceX IPO demand. Two risks I'd keep in mind: 1. Thin liquidity: collateral nobody can sell quickly in a selloff turns into forced liquidations at ugly prices. 2. Access: the US restriction sits at Coinbase's app layer, not in the token contract itself, so rules can tighten as easily as they loosen. What I want to see from here: More Coinbase stocks landing on Base over the coming weeks, and whether borrow demand against equity collateral actually builds. Coinbase is the company laying these rails, and our PRO team has owned it since it was below $60 (now ~$180) Don't miss their next call, try Milk Road PRO for $1: link.milkroad.com/crypto-p