Tether saw over $525 million in USDT flow into Aave V3 over the past three months, pushing Core market deposits from $1.93 billion to approximately $3.03 billion. Borrowers absorbed the vast majority of this new supply, with $717 million matched to active loans. In July, active USDT loans on Aave V3 reached $2.5 billion while utilization rates consistently hovered between 90% and 97%. Aave V3 now commands roughly 63% of all USDT deployed across DeFi lending protocols, with supply-side APY around 3.15% by late August.
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