Morpho Blue closes in on Aave V3 in stablecoin supply

Morpho Blue holds $7.5 billion in supplied stablecoins against Aave V3's $7.9 billion as DeFi lending consolidates around two protocols Morpho Blue is within striking distance of Aave V3 in stablecoin supply. Morpho Blue holds $7.5 billion in supplied stablecoins, while Aave V3 sits at $7.9 billion. The race matters beyond bragging rights. Stablecoin deposits are the working capital of on-chain lending, and whoever holds them shapes where borrowers go, what rates look like, and which risk models the market trusts. The numbers behind the race Token Terminal data as of October 25, 2026 puts total stablecoin deposits across 41 DeFi venues at $24 billion. That dataset spans 31 blockchains. Within that pool, Aave V3 commands a 36.1% share. Morpho Blue holds 31.6%. Together, the two protocols account for 67.7% of all stablecoin deposits in the dataset. That leaves the other 39 venues splitting roughly a third of the market between them. Not every measurement tells the same story, though. A separate total value locked (TVL) snapshot from October 29, 2026 put Aave’s stablecoin TVL at approximately $7.85 billion and Morpho’s at $5.32 billion. TVL is simply the dollar value of assets sitting...