Stablecoin Lending Levels Slow Down In Q2 2026

Stablecoin lending has decreased since March.

According to Visa's stablecoin dashboard made in partnership with Allium, May saw total onchain lending volumes almost halved to $11.3B in contrast to the $19.1B and $17.9B seen in March and April.

The top stablecoin lend out and borrowed last month was more closely contested between USDC and USDT, each being under $5B mark, which is significantly lower than the monthly figures recorded from January to April of this year. Unlike 2024, when USDC had more DeFi exposure.

Also, Ripple's RLUSD has grown its lending volumes to $449M and $408M in back-to-back months in March and April, showing that part of its strategy to enter the stablecoin game albeit later is starting to slowly pay off as it chases down third place stablecoin PYUSD.

Aave continues to be the leading protocol in monthly volumes, as its total volumes were cut down in May along with the rest of the industry. It is typically followed by Morpho, Venus Finance, and Spark with most occurring across Ethereum, Solana, Base, BSC, and Plasma networks.