Stablecoins deposited in decentralized finance (DeFi) represented a limited portion of the broader stablecoin market as of Oct. 25, while Ethereum held the largest share of tracked deposits.
The count included stablecoins held in services such as lending pools across a range of networks. The tally did not capture the full stablecoin supply or all blockchain activity.
USD Coin (USDC) led the tracked assets, followed by Tether (USDT) and Ethena’s USDe. Tether generally had the larger overall stablecoin supply, while USDC accounted for a greater share of DeFi deposits.
Ethereum had the largest share, with Base next and Solana after it. The ranking applies to the tracked DeFi deposits, not the total stablecoin supply on any network.
