Token Terminal data shows decentralized finance protocols now hold $24 billion in stablecoin deposits, an increase of 560.8% over the past three years. That sum equals roughly 8% of the $298.4 billion total stablecoin market.
Dollar-pegged stablecoins dominate the DeFi inflow, representing 98.8% of deposits, while euro-backed stablecoins account for 1.1%. The dataset covers 24 reference currencies and 41 DeFi venues, indicating broad-based capital movement into decentralized lending and borrowing.
Aave is the main beneficiary. Its v3 and v4 deployments hold a combined $9.2 billion in stablecoin deposits, or 38.3% of the tracked market. Morpho Blue follows with 31.6%, and SparkLend captures 8.5%.
The trend suggests investors are increasingly using DeFi for yield generation and stablecoin liquidity, even as broader altcoin price action remains mixed. Traders will watch whether Aave can maintain its lead as rival platforms compete for deposits.
