Aave V4 borrowers owed $106.5 million on Circle’s Arc network by Oct. 20, Aavescan data showed, putting outstanding debt above $100 million in a market active since September.
Aavescan reported $287.6 million in deposits for Aave’s Arc Core V4 market. Its active-loan figure is a snapshot of borrowing still owed on Arc; it excludes repaid loans and activity on Aave V4’s other networks.
USD Coin (USDC) accounted for about $106.1 million of the debt, Aavescan’s asset breakdown showed. Aave Tracker separately listed approximately $60.4 million borrowed through Arc’s Main spoke and $46 million through its Maple SyrupUSDC spoke.
The Aave V4 Protocol Security Council activated the Arc market on Sept. 16, according to Aave’s governance record. Aave’s deployment proposal called for at least $2 million in annual revenue for the Aave DAO, with any shortfall covered by certain Arc ecosystem participants for the first five years.
The borrowing balance measures a different activity from Arc’s network-wide stablecoin market capitalization, which stood at $670.74 million late Oct. 19. That broader figure does not identify who held the stablecoins or how they were used.
Aave said it would bring further cross-chain governance proposals when the supporting infrastructure was ready. It gave no date.
