Stablecoin Deposits in DeFi Grow to $24 Billion

Stablecoin deposits in decentralized finance (DeFi) have reached $24 billion, marking a 560.8% increase over three years. USDC accounts for 38.2% of the deposits, while DeFi holds about 8% of the entire stablecoin market, valued at $298.4 billion. In the last 30 days, net withdrawals have been approximately $99.8 million. The growth in deposits is attributed to the increasing use of DeFi protocols to generate yield, with USDC leading at around $9.2 billion, followed by USDT with $4.9 billion and USDe with $2.2 billion. Despite the growth, monthly flows show a contrary trend, with significant outflows from lending pools. Major protocols involved include Aave V3 and Morpho, but depositors face risks related to smart contracts and the stability of stablecoins.

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