Which stablecoins back loans

Deposit a stablecoin in a lending protocol and you can borrow against it. Here's where CoinShow's coins sit as collateral, and what flows in and out.

Rankings and history

Click a step on the right, or use the arrow keys, to jump to it. Move your mouse to shift the view.

Just happened on Ethereum

    Morpho vault: locked against loans Aave vault: supplied, can back a loan SparkLend vault borrowed, out to borrowers liquidated faint streams: drawn in proportion to totals, not transactions

    The example loan (illustrative)

    Collateral
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    Borrowed
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    Loan-to-value —

    Collateral by coin Reading lending markets…
      In and out on Ethereum, per 10 minutes Waiting for events
      • deposited, up; withdrawn, down; coloured by protocol

      Use the left and right arrow keys to read each ten-minute column.

      What just happened (illustrative) 0 collateral 0 borrowed 0 loan-to-value 0 liquidation limit 0 liquidations
        Stablecoin collateral…
        Locked on Morpho…against open loans
        On Aave and SparkLend…supplied where it can back a loan
        Largest…

        Ranked by collateral

        Reading lending markets…

        Stablecoins ranked by the dollar value posted as collateral
        # Stablecoin Collateral Details

        Ninety days on Morpho

        Reading Morpho's history…

        Collateral locked on Morpho per coin, day by day. Each row has its own scale. Press play to watch it build, or drag through the days. Aave's free data has no history of deposits, so it isn't here.

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          How it's counted

          Two kinds of collateral

          Morpho markets each pair one collateral token with one loan token, so the figure is exact: tokens locked against a loan that's open now. On Aave and SparkLend a deposit backs your borrowing by default wherever the coin is allowed to, but plenty of depositors never borrow and are only earning interest. Their figure is the amount supplied where the coin can back a loan, either on its own or in an e-mode category for correlated assets, so treat it as an upper bound. The two are kept apart in the bar and by the switch above the table.

          Savings versions

          Some issuers wrap their coin in a deposit token that earns a rate: Ethena's sUSDe, Sky's sUSDS and stUSDS, sDAI, sUSDD. They're widely used as collateral and are counted with their coin, unless you untick the box. Wrappers built by others on top of a stablecoin (Maple's syrupUSDC, Pendle's principal tokens) are left out: they're separate products with their own risks.

          What isn't counted

          Compound v3 accepts a few stablecoins as collateral, but under $1 M in total across its markets in October 2026, so it isn't read. Neither are Fluid, Euler, Kamino, Venus or JustLend (where most USDD lends), nor Morpho markets that Morpho hasn't listed. Open USD isn't matched at all: its symbol, OUSD, also belongs to Origin Dollar. Coins are matched by their token symbol on each chain (USDT, USDT0, USD₮0 and so on all count as Tether).

          Sources

          Morpho's public API (blue-api.morpho.org) for every listed market; Aave's public API (api.v3.aave.com) for every Aave v3 market on every chain; SparkLend's PoolDataProvider on Ethereum, read through a public node, with each stablecoin valued at $1. Market caps come from CoinGecko. Your browser keeps the results for 30 minutes; if a source fails, its last answer (up to six hours old) is shown and flagged.