Multipli × deSPXA on Base: Unlocking Credit Against On-Chain S&P 500 Exposure

The next phase of tokenisation isn’t about bringing assets on-chain, it’s about making them usable.

With the launch of deSPXA on Base, we are seeing the first real step toward that future: a fully on-chain, DeFi-native representation of S&P 500 exposure. And at Multipli, we’re excited to support deSPXA as collateral to mint rwaUSD, unlocking liquidity and yield against one of the world’s most important benchmarks.

This is where tokenisation meets true capital efficiency.

From Tokenisation to Financialisation

deSPXA represents a fundamental shift in how real-world assets are brought on-chain.

Built using Centrifuge’s deRWA framework and in partnership with S&P Dow Jones Indices and Janus Henderson, deSPXA provides tokenised exposure to the S&P 500 via the SPXA fund, but with a critical difference:

It is not just a representation. It is natively designed for DeFi.

• On-chain issuance with institutional-grade controls
• Freely transferable in secondary markets
• Built for composability across DeFi protocols
• Designed to be traded, borrowed against, and integrated into strategies

For the first time, users can hold, trade, short, earn, and now borrow against S&P 500 exposure directly on-chain.

Multipli’s Role: Turning Exposure into Liquidity

At Multipli, our core thesis is simple:

Assets should not sit idle. They should work.

By supporting deSPXA as collateral, users will be able to:

• Deposit deSPXA