Morpho Blue's stablecoin deposits ($7.5B) are closing in on Aave V3 ($7.9B), signaling a competitive shift in lending protocols.
DeFi & Yields ·
Morpho Blue's stablecoin deposits reached $7.5 billion, narrowing the gap with Aave V3's $7.9 billion, a significant shift from a year prior when Aave V3 held $18.3 billion against Morpho Blue's $3.8 billion. Combined stablecoin deposits across Aave V3, Aave V4, Morpho Blue, and SparkLend totaled $18.0 billion, down from a peak of $27.1 billion in October 2025.