Less than 10% of stablecoins are deposited in DeFi, Token Terminal finds

Stablecoins have become one of crypto’s biggest success stories. Most of them, it turns out, are not doing much.

According to Token Terminal, less than 10% of stablecoins and tokenized assets are deposited in decentralized finance protocols. The findings, dated November 4, 2026, put the combined market for these assets at an estimated $333 billion. That leaves the large majority of it parked outside the lending pools and yield venues DeFi was built to offer.

The numbers behind the idle capital

Token Terminal’s data shows stablecoin deposits in DeFi reached $24 billion as of October 25, 2026. That equals roughly 8% of the total stablecoin market, which the firm pegs at $298.4 billion.

Stablecoin deposits in DeFi have climbed 560.8% over the past three years.

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, those three tokens account for about two-thirds of all DeFi deposits in Token Terminal’s dataset. That dataset covers 193 assets spread across 31 chains.

USDT is generally the larger stablecoin by supply, yet USDC holds nearly double its share of DeFi deposits.

Ethereum still runs the show

Ethereum dominates, holding 55.2% of total deposits.

Base, Coinbase’s layer-2 network, sits second with 13.6%. Solana takes third at 6.5%.

Token Terminal’s data also shows deposits are concentrated mainly in lending protocols. Deposits have seen modest net outflows in recent months, according to the findings.

How Token Terminal got here

Token Terminal began tracking stablecoins and real-world assets, or RWAs, in late 2025. It expanded that coverage significantly through 2026.

The firm now monitors more than 4,600 tokenized assets. Their total market cap is roughly $345.6 billion, with stablecoins making up approximately 94% of it.

What this means for DeFi

Token Terminal’s findings frame the gap as a revenue opportunity for protocols that can attract more of these assets. DeFi platforms earn fees when capital flows through them. 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. When roughly 38.2% of deposits rely 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 the 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. The under-10% share shows how much of the job remains unfinished.