Centrifuge’s deSPXA now accepted as collateral on Hyperdrive

Market Integration

Hyperdrive has opened a lending market built specifically for real-world assets, or RWAs, on Base. Base is the Ethereum layer-2 network incubated by Coinbase. Eligible non-US users can deposit deSPXA and borrow USDC. The token represents exposure to the Janus Henderson Anemoy S&P 500 Index Fund, which goes by the ticker SPXA.

Pricing and Incentives

The headline promotional number is the borrowing cost. As of early October 2026, Hyperdrive was promoting rates below 1% APR for USDC loans backed by deSPXA. When it announced its RWA markets, including deSPXA, on September 29, 2026, Hyperdrive offered lenders incentives of 50K USDC spread over six months.

Background and DeSPXA's Market Performance

deSPXA launched on Base on or around March 30, 2026, and was the first product released under Centrifuge's deRWA framework. The token was already supported for lending on Morpho, where it carried a 77% loan-to-value ratio. deSPXA also trades on Aerodrome, a decentralized exchange on Base, and has posted multi-million-dollar quarterly trading volumes despite a relatively low market cap.

Access and Restrictions

deSPXA can now be traded on Aerodrome, lent on Morpho, and borrowed against on Hyperdrive. Access is restricted to eligible non-US users, which cuts out the very market the S&P 500 tracks. A vault holding approximately $15.9K is a starting point, not a deep market. The 50K USDC lender incentive is a test of whether rewards can build supply fast enough to meet borrower demand.