Total stablecoin deposits into decentralized finance (DeFi) protocols have reached $24 billion, according to data released by Token Terminal on October 25, 2026. The figure represents a 560.8% increase over the past three years.
The growth reflects a shift in how users deploy stablecoins. Rather than holding them as temporary positions between trades, depositors increasingly place them into DeFi protocols to generate yield.
Market leadership concentrated at the top
USDC holds the largest share of DeFi stablecoin deposits at 38.2%, representing approximately $9.2 billion. Tether (USDT) ranks second with $4.9 billion, or 20.3% of total deposits. USDe, a newer stablecoin, captures 9.0% of deposits at around $2.2 billion.
These three assets account for roughly two-thirds of all stablecoin deposits in DeFi, though Token Terminal's dataset covers 193 digital assets in total.
Growth potential remains substantial
The $24 billion in DeFi deposits represents approximately 8% of the total stablecoin market, which is valued at roughly $298.4 billion. Separate data from DeFiStar.io shows stablecoin lending pools held approximately $25.68 billion in total value locked within a recent 24-hour period.
Recent net flows show a small counterweight to growth, with approximately $99.8 million in net withdrawals over the past month after accounting for interest.
Deployment across major platforms
Stablecoin deposits concentrate on well-known lending platforms including Aave V3, Morpho, Sky Protocol, and Spark. These protocols function as onchain lending desks where depositors supply capital, borrowers obtain loans against collateral, and interest payments flow back to suppliers.
Yield generation carries inherent risks, including smart contract vulnerabilities, protocol failures, and potential stablecoin depegs.
