27.7% of Aave V4's Tokenized Stocks on Base Now Come From IPOR Fusion Vaults

TL;DR

• IPOR Fusion vaults now supply 27.7% of tokenized stock TVL on Aave V4 on Base.
• In NVDAc, Aave V4’s largest stock market, IPOR Fusion vaults supply 55.7% of the reserve. In GOOGLc, it’s 35.1%.
• The strategies behind these inflows are operated by TAU Labs, across both public and private deployments.
• IPOR Fusion’s Aave V4 Fuses were ready on testnet in February 2026, so operators could add V4 with no vault redeployment.

Coinbase Tokenized Stocks arrived on Base on 24 August, and vaults built on IPOR Fusion went live with them the same day.

Seven weeks later, public and private IPOR Fusion vaults hold over $2.5M across NVDAc, GOOGLc, AAPLc and METAc, together forming the largest Earn on Stocks program on the Base network.

At the core of each strategy described here sits Aave V4, where the stock serves as collateral for the stablecoins that drive the yield.

See publicly available stock strategies at app.ipor.io/stocks.

IPOR Fusion vaults behind 27.7% of Aave V4’s tokenized stock markets

Across Aave V4’s seven tokenized stock markets on Base, more than one dollar in four now comes from vaults built on IPOR Fusion. In NVDAc, the largest of them, the share is more than half, and in GOOGLc it’s over a third.

Within the four markets where they supply, IPOR Fusion vaults hold 32.6%, $2.48M of $7.62M. Counting all seven tokenized stocks on Aave V4, including TSLAc, AMZNc and MSFTc, the share is 27.7%, $2.48M of $8.94M.

How strategies built on IPOR Fusion supply liquidity to Aave V4

The vaults described in this article run one specific strategy type, a carry trade: the vault holds a stock, borrows a stablecoin against it, and puts the borrowed stablecoin to work in lending markets. It is one of many strategies an operator can build on IPOR Fusion with the same tokenized stocks, and operators can adjust or replace it within each vault’s settings.

Each vault is denominated in its own stock, so its share price is measured in the stock itself, separate from moves in the company’s share price. The carry trade runs in four steps.

1. The asset. Each vault holds one Coinbase Tokenized Stock, such as NVDAc.
2. The collateral. The vault posts the stock to the Aave V4 spoke on Base that lists Coinbase Tokenized Stocks. Aave V4 pools liquidity in a central hub while each spoke carries its own risk parameters.
3. The loan. Against that collateral, the vault borrows USDC from the hub, keeping the loan well within the collateral’s value.
4. The carry. The borrowed USDC goes into lending markets. The difference between what those markets pay and what the loan costs accrues to the vault, and can be positive or negative.

Tokenized stocks and DeFi strategies carry risks including smart contract, oracle, liquidation and price risk, and may not be available in every jurisdiction.

What this adds to Aave V4

The stock collateral deepens Aave V4’s tokenized-stock reserves, to the point of more than half the NVDAc reserve on Base. On the other side of the market, every USDC the vaults borrow pays interest to lenders in the hub, adding demand that rewards the liquidity they provide.

What IPOR Fusion does

Every strategy powering the Earn on Stocks program described in this article is built on IPOR Fusion vault infrastructure. Each vault’s settings strictly define which assets it can hold, which markets it can use and how much it can place in each.

TAU Labs, the operator behind all of these strategies, works inside those settings, and any trade that breaks them fails onchain. IPOR Fusion’s modules, called Fuses, execute each step, from posting the stock as collateral on Aave V4 to putting the borrowed USDC to work. The vault values its positions from its onchain balances.

Participants in these strategies receive ERC-4626 vault tokens, which other protocols can build on or integrate.

IPOR Fusion’s compatibility with Aave V3 and V4

A stock only earns once a lending market accepts it as collateral, and Aave V4 on Base now does for seven Coinbase Tokenized Stocks.

Aave V4 on Base started accepting Coinbase Tokenized Stocks as collateral on 25 September.

IPOR Fusion has been ready for Aave V4 since February. Its Aave V4 Fuses, the modules that handle collateral, borrowing, supply and position valuation, were completed on testnet and announced on 9 February 2026.

When V4 reached Base, operators added them to their existing vaults, with no redeployment, and put V4 to work within days.

Vaults built on IPOR Fusion already know this venue. They account for about 74% of the cbETH in Aave’s cbETH market on Base, and now for more than one dollar in four of its tokenized stocks on V4.

Who operates the vaults and which platforms contribute to user growth

TAU Labs operates every vault behind this milestone. The public vaults reach users through several interfaces and integrations:

• IPOR Fusion app: app.ipor.io/stocks
• Portals: surfaces the stock vaults in its explorer.
• Jumper Earn: features the stock vaults to Jumper’s users.
• Zyfai: brings the stock vaults to its agentic users.
• Spectra: runs fixed-term markets on top of the stock vaults.
• Harvest: offers autocompounding strategies built on them.

Coinbase Tokenized Stocks are available to investors outside the US.

Build your own Earn on Stocks strategy

The building blocks behind these vaults are open to any operator building on IPOR Fusion.

1. Read the docs. Start with Build on Fusion and the quick start guide.
2. Create a vault. With the IPOR Fusion SDK and CLI, set a Coinbase Tokenized Stock as the vault’s asset.
3. Add the Aave V4 Fuses. These modules carry out each step on Aave V4:
   • AaveV4CollateralFuse posts the stock as collateral
   • AaveV4BorrowFuse borrows USDC against it
   • AaveV4SupplyFuse lends assets into an Aave V4 reserve
   • AaveV4BalanceFuse values the vault’s Aave V4 positions
4. Set the limits. Choose which markets the vault can use and how much it can place in each. The vault enforces them onchain.

The Aave V4 Fuses are open source, added to Fusion in February 2026. To see the live strategies first, visit the Stocks section of the Fusion app.

Data as of 15 October 2026.

Technical details

The raw data behind the figures above, transcribed from the source charts and checked against the IPOR Fusion vault registry on Base. USD values are rounded as published.

Snapshot

• Network: Base, chain ID 8453
• Aave V4 market snapshot: read onchain 2026-10-15 14:05 UTC, valued in USD at each stock’s price, exported 2026-10-15 15:25 UTC
• Stock vault TVL series: 2026-08-23 to 2026-10-15 (55 days), daily, 54 points (53 daily samples plus one live point), last point 2026-10-15 15:22 UTC at $2.54M, or 10,043.4853 tokenized stock units

Aave V4 tokenized-stock markets on Base

Across the four markets IPOR Fusion vaults supply, the share is 32.6%: $2.48M of $7.62M.

Contracts on Base

All addresses link to BaseScan.

Aave V4 spoke listing Coinbase Tokenized Stocks

• 0x17905db0e4a3514467539956c084180616ae7b8d

IPOR Fusion vaults supplying to the spoke (6)

• 0xde09e16675b667b6abb6d7910d6e009f630bcb96
• 0x61aef0bb9ad09c0d736b047f2b7bc69e566467ea
• 0x31744e44d6af88225c1dbefbe5df8308faea641b
• 0xfb132f4c6d9dcf4f80483ea7d96c5a5dccfcfe83
• 0x01dbdb9748ecf71b1ffbb62f5cb41318531ba362
• 0xcd19f18884bf388b866d05cdd1ae351133821f01

IPOR Fusion stock vaults in the TVL series only (2)

• 0x79505efad14d289c84a71c28369b944ada25b131
• 0xbe49dd45d9d28f2380cbee3e57a8243e736e4552

Key dates

• 2026-02-09: IPOR Fusion’s Aave V4 Fuses completed on testnet and announced. Code: IPOR-Labs/ipor-fusion#478.
• 2026-08-24: Coinbase Tokenized Stocks launch on Base. IPOR Fusion vaults go live the same day.
• 2026-09-25: Aave V4 on Base starts accepting Coinbase Tokenized Stocks as collateral.
• 2026-10-15: data snapshot for this article.