Coinbase’s tokenized stock deposits on Aave V4 have reached $10.1 million, accounting for about 53% of its total Base DeFi deposits. I think this is well worth talking about. I’ve always emphasized that RWA isn’t just about issuing assets on-chain and calling it a day. An asset only truly becomes integrated into the financial system—and genuinely helps make RWA the financial infrastructure of the next generation—when it can be traded, used as collateral, borrowed against, and liquidated.

So although the DeFi sector as a whole is up today, and $AAVE is also performing well, DeFi still has a long way to go if we take a longer-term view. At the very least, it needs to start circulating within real financial flows.