Stablecoin lending volumes are at $115.55B since January.
The industry’s stablecoin loan volume is less than 50% in comparison to last year’s market activity 8 months into 2026 per Visa and Allium metrics.
This is reflective of the current market as stablecoin supply stalls in the month of August.
In contrast, 2025 finished strong with around $255.22B in total stablecoin lending volumes.
Stablecoin Lending Trends
Several things stand out in the lending sector in 2026.
Ethereum was the most popular blockchain network responsible for processing stablecoin lending in 2025 with around $163.84B (64%) recorded. In 2026 its share currently stands at $67.34B (43%).
Although there’s still a few more months to go, it’s unlikely to change significantly.
Solana and Base networks saw the biggest changes.
In 2025, Base had $40.58B in stablecoin lending volumes, while Solana followed several ranks lower with $8.68B. Coinbase pushed its own L2 network to global users.
In 2026, the tables have turned as Solana soared to $21.6B (13.8%) in stablecoin lending, while Base fell to $8.85B (5.68%).
Top Stablecoins in Action
Both USDC and USDT remain the most used stablecoins.
In 2025, $139.13B (54.5%) was loaned out in USDC, whereas $110.54B (43.3%) was loaned out in USDT. PYUSD and RLUSD stablecoins followed with $2.3B and $1.9B respectively.
In 2026, USDC leads with $63.04B (40.5%) and USDT trails with $44.35 (28.5%). PYUSD has doubled its loans to $4.15B. RLUSD added slightly more, while USDG also passed a billion.
Stablecoin Protocols
In regards to protocols, Aave continues to be the most popular lending protocol in both years seeing $188.01B in 2025 vs. $51.43B in 2026. Last month, Aave launched stable vaults to earn stablecoin yield.
Meanwhile, Jupiter has taken over from Morpho in second place, growing the most from $2.33B in 2025 to $17.81B in 2026.
It remains to be seen how these top stablecoin lending trends will continue to evolve through the remainder of the year.
