A 90-day increase in decentralized finance (DeFi) stablecoin total value locked (TVL) measured $4.8 billion; $3 billion, or 62.5%, was tied to Morpho, leaving $1.8 billion of the gain elsewhere.
TVL assigns a dollar value to assets held in DeFi contracts. That figure describes value, not user flows: on its own, it cannot establish whether net deposits or withdrawals occurred or show whether trading activity changed. EconoTimes has previously outlined why DeFi TVL does not directly track net user flows.
Separately, the marketwide stablecoin supply ended the third quarter at $311.6 billion, up $2 billion. That quarterly supply measure covers a different scope and period from the 90-day increase in DeFi TVL.
