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. Token Terminal data as of October 25, 2026 puts total stablecoin deposits across 41 DeFi venues at $24 billion.