Less than 10% of stablecoins and tokenized assets are deposited in decentralized finance (DeFi) protocols, according to data from Token Terminal dated November 4, 2026. The findings put the combined market for these assets at an estimated $333 billion, leaving the vast majority outside DeFi lending pools and yield venues.
Idle Capital in Numbers
Stablecoin deposits in DeFi reached $24 billion as of October 25, 2026, Token Terminal’s data shows. That equals roughly 8% of the total stablecoin market, which the firm pegs at $298.4 billion. Over the past three years, stablecoin deposits in DeFi have climbed 560.8%.
The deposits that do exist are heavily concentrated. USDC leads with a 38.2% share of total DeFi stablecoin deposits, or around $9.2 billion. USDT follows at 20.3%, roughly $4.9 billion. Ethena’s USDe comes third at 9.0%, about $2.2 billion. Together, these three tokens account for about two-thirds of all DeFi deposits in Token Terminal’s dataset, which covers 193 assets across 31 chains.
USDT is generally the larger stablecoin by supply, yet USDC holds nearly double its share of DeFi deposits.
Ethereum Still Dominates
Ethereum holds 55.2% of total deposits. Base, Coinbase’s layer-2 network, sits second with 13.6%, and Solana takes third at 6.5%. Token Terminal’s data also shows deposits are concentrated mainly in lending protocols, with modest net outflows in recent months.
Token Terminal’s Methodology
Token Terminal began tracking stablecoins and real-world assets (RWAs) in late 2025 and expanded that coverage significantly through 2026. The firm now monitors more than 4,600 tokenized assets with a total market cap of roughly $345.6 billion, of which stablecoins make up approximately 94%.
Implications for DeFi
Token Terminal frames the gap as a revenue opportunity for protocols that can attract more of these assets. DeFi platforms earn fees when capital flows through them, so if the deposit share of stablecoins and tokenized assets rises from under 10%, protocol revenue could grow alongside it.
The heavy tilt toward USDC also carries risk. With roughly 38.2% of deposits relying on a single stablecoin, DeFi’s health becomes closely tied to one issuer. The top three tokens covering about two-thirds of deposits only sharpens that point.
For chains, the competitive picture is lopsided. Ethereum’s 55.2% share gives it a commanding lead. Base and Solana have room to grow, but the data shows liquidity gravity still pulls toward Ethereum.
The gap between a $298.4 billion stablecoin market and $24 billion in DeFi deposits is hard to ignore. The 560.8% three-year growth shows demand exists, while the under-10% share shows how much of the job remains unfinished.
