Here’s something that would have sounded like science fiction three years ago: you can now pledge your S&P 500 exposure as collateral on a decentralized lending protocol and borrow stablecoins against it. No broker. No margin account. No selling your position.
Centrifuge has made this possible by integrating its deSPXA token, a tokenized version of the Janus Henderson Anemoy S&P 500 Index Fund, into Morpho’s lending markets on Base. Holders can now borrow USDC against their index exposure at a 77% loan-to-value ratio.
How the mechanics work
The deSPXA token launched on March 30, 2026, and carries a distinction worth noting: it’s the first S&P Dow Jones Indices-licensed equity index fund to be integrated into decentralized finance. That licensing detail matters because it separates deSPXA from the growing pile of synthetic equity products operating in regulatory gray zones.
Non-US holders who own deSPXA can deposit their tokens into Morpho’s deSPXA/USDC market on Base. From there, they can borrow USDC against that collateral at the 77% LTV ratio. In English: for every $1,000 worth of deSPXA you deposit, you can borrow up to $770 in USDC.
