As of Oct. 25, stablecoin deposits in DeFi totaled $24 billion, about 8% of the $298.4 billion stablecoin market, leaving most supply outside DeFi protocols.
The $298.4 billion figure covers stablecoins. The deposit total reflects funds placed in DeFi venues, including lending pools. It is a snapshot of deposits, rather than a measure of all stablecoins or all on-chain activity.
Stablecoin deposits in DeFi had grown 560.8% over the prior three years. The dataset covered 193 assets across 31 chains, spanning activity beyond any single network.
USD Coin (USDC) made up 38.2% of DeFi stablecoin deposits, or about $9.2 billion. Tether (USDT) held 20.3%, or about $4.9 billion, while Ethena's USDe represented 9%, or about $2.2 billion. Together, the three accounted for about two-thirds of deposits. These percentages describe the makeup of DeFi deposits, not each token's share of the broader stablecoin market. Tether generally has the larger overall supply, while USDC held nearly twice its share of this deposit pool.
Ethereum hosted 55.2% of deposits. Base accounted for 13.6%, followed by Solana at 6.5%. Those figures show where the tracked deposits were held; they do not represent each network's total stablecoin supply.
Deposits were concentrated mainly in lending protocols. Recent months brought modest net outflows.
A larger deposit pool could give DeFi protocols more capital moving through services that generate fees. The current snapshot shows that most stablecoins remained outside those venues, while deposited funds were concentrated in a few tokens and networks.
Enna Lee
Enna Lee reports on investing and digital-asset markets for TokenPost. Send corrections or tips to [email protected].
