$24B in stablecoins now deposited in DeFi—560.8% growth over 3 years—with Circle's USDC leading at 38.6% of deposits, followed by Tether and Paxos.
DeFi & Yields ·
Stablecoin deposits in decentralized finance have reached $24 billion, reflecting a 560.8% increase over the past three years and accounting for 8% of the total $298.4 billion stablecoin market, according to Token Terminal. Circle's USDC dominates the deployed capital with 38.6% of all stablecoin deposits in DeFi, trailed by Tether at 25.1% and Paxos at 9.5%.
The growth figures span a dataset tracking 153 distinct stablecoin issuers, suggesting the concentration among the top three reflects both market dynamics and the depth of liquidity provisioning by established stablecoin operators. The $24 billion in DeFi deposits remains a small fraction of the broader stablecoin ecosystem, which has expanded substantially across both centralized and decentralized venues.
What remains unclear is how this allocation breaks down by specific protocols or asset pairs, whether deposits are concentrated in yield-farming or lending activities, and whether the growth pattern has stabilized or continues accelerating at the 560.8% rate observed over the three-year window.