According to Token Terminal data as of October 25, 2026, Morpho Blue held $7.5 billion in supplied stablecoins, compared with $7.9 billion for Aave V3. The two protocols accounted for 67.7% of tracked stablecoin deposits across 41 decentralized finance venues spanning 31 blockchains. A separate total value locked snapshot from October 29 put Aave at $7.85 billion and Morpho at $5.32 billion, highlighting how results depend on the measurement methodology. Morpho added approximately $304 million over one week, supported by its isolated markets, MetaMorpho vaults, and Coinbase-powered products on Base. Aave nevertheless remains in the lead, while Morpho’s utilization rates of 89% to 93% could accelerate the gap-closing trend.
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