Aptos’s DeFi Stablecoin Market Cap Hits 1B for the First Time – Up 74% in 30 Days! 🚀 @DefiLlama data shows that on March 25, the market cap of stablecoins in @Aptos DeFi protocols hit the 1 billion mark for the first time, though it has since retraced slightly to 975 million. Keep in mind that this figure only represents the stablecoins within DeFi protocols on Aptos. Data from @RWA_xyz indicates that in March, Aptos’s overall stablecoin market cap reached 1 billion for the first time, and it has now climbed to over 1.4 billion with a 74% increase over the past 30 days. Notably, USDT saw an increase of 500 million on March 19, and USDC grew by 150 million on March 24! Aptos now natively supports the world’s three largest stablecoins: USDT, USDC, and USDe： 🌟Native support for USDT began at the end of October last year, with its total supply reaching 1.13 billion. 🌟Native support for USDC started at the end of January this year, now with a total supply of 190 million. 🌟Native support for USDe began at the end of February this year, with sUSDe’s total supply at 96 million. The stablecoin market cap on Aptos is rising at an unprecedented rate! In terms of trading volume, USDT leads with a daily volume exceeding 200 million, while USDC is around 50 million. Looking at the growth rate of the stablecoin market cap—as per the data from DefiLlama, which reflects only the stablecoins that have entered DeFi protocols (excluding those minted on-chain but not yet utilized in DeFi)—we see three general categories: 🌟Ethereum and TRON: Scale in the tens to hundreds of billions. 🌟Solana and Base: Mid-tier figures. 🌟Aptos, Sui, Berachain, Sonic, Sei, etc.: Ranging from several hundred million to over a billion. In absolute terms, the largest increases are on Ethereum, Solana, and TRON. However, in terms of growth rate, Berachain, Sonic, and Sei are leading. (Note: Sonic and Berachain have only been counted by DefiLlama this year, so their figures might be skewed.) Excluding these two, Aptos ranks third, trailing only Sei and Solana. Compared to Sui, Aptos holds a significant advantage. Returning to the original point: Aptos’s DeFi stablecoin market cap has reached 1 billion. Indeed, Aptos added 700 million in stablecoins over the past month. However, DefiLlama’s data reveals that the TVL in Aptos’s DeFi protocols only grew by 4.6% over the same period, and the stablecoin market cap within these protocols increased by just about 200 million – barely tipping over the 1 billion mark. In other words, there’s an additional 500 million in stablecoins on Aptos that haven’t yet flowed into DeFi protocols. A closer look at the protocols with increasing TVL over the past month—namely @AriesMarkets and @EchelonMarket, along with the relatively unchanged @EchoProtocol_ and @AmnisFinance, with no significant growth among protocols ranked beyond 5th—suggests that stablecoins have primarily flowed into the three lending protocols (with one being a liquid staking protocol, though stablecoins typically only enter lending platforms). Among these, Amnis is a hot topic lately, so its data merits attention. Protocol Deep Dive 💡 📕Aries Markets: Aries is the leading lending protocol in the Aptos ecosystem and boasts the second-highest TVL among Aptos DeFi protocols, with a TVL of 380 million. Its total supply of loans stands at 619 million, with 369 million currently borrowed – a 60% utilization rate. Over the past two years, its TVL has grown significantly. Its main asset types include USDT, USDC, zUSDC, WETH, and APT. Notably, deposits in USDT and USDC can earn annualized yields of 8.5% and 8.7% respectively, mainly driven by subsidies on APT (3.35% and 4%, respectively). Aries not only offers lending but also integrates AMM, limit orders, and cross-chain bridges. Although it hasn’t yet issued its own token, Aries is running a rewards program for both depositors and borrowers. Entering 2025, TVL remains relatively stable with increasing USDC deposits, while USDT deposits have slightly declined. Aries saw significant growth in early 2025, with over 23,000 unique active wallets in the first week of March—likely driven by an incentive program launched on January 12, which distributed more than 2.5 million APT tokens primarily to USDC depositors. Since 2025, Aries’s stablecoin TVL has increased by 85 million. 📘Echo Protocol: Echo serves as the backbone for BTC DeFi (BTCFi) in the Move ecosystem by providing a unified layer for liquidity aggregation and yield generation across different forms of decentralized BTC liquidity (native BTC, BTC LSTs, wrapped BTC). In short, Echo simplifies BTC participation in DeFi while ensuring security via reserve proofs. Echo Lending bridges BTC assets from the Bsquared Network into Aptos, effectively introducing BTC assets into the Move ecosystem. Users receive aBTC when they bridge uBTC from BTC L2, which they can then lend in the Echo protocol to earn APT subsidy rewards. This process enables users to earn multiple rewards simultaneously: Bsquared points, Echo points, and APT rewards. Currently, lending aBTC can yield an annualized APT subsidy of 12%, although the deposit cap has been reached. Since its launch on Aptos, Echo’s TVL has rapidly grown to over 450 million, with aBTC accounting for 240 million and APT for 210 million, making it the top-ranked protocol on Aptos by TVL. Its total supply of loans is approximately 224.12 million (nearly 200 million in aBTC), but only 16.53 million has been lent, resulting in a utilization rate of 7.37%—a figure driven by the pursuit of APT subsidies. 📙Echelon Market: Echelon Market is the third-largest lending protocol on Aptos by TVL and has the second-highest lending volume. It supports assets such as USDT, USDC, APT, and sUSDe. With a total loan supply of 301.09 million and 97 million lent, it boasts a utilization rate of 32%. TVL on Echelon grew by 100 million entering 2025. 📗Amnis Finance: The liquid staking tokens (LSTs) on Aptos have reached an all-time high, led by Amnis Finance’s $amAPT, which commands nearly 70% of the Aptos LST market share. Users deposit 1 APT to receive 1 amAPT, which can then be staked to obtain stAPT, earning an annualized yield of approximately 7.97%. Since its launch in October 2023, Amnis’s TVL has steadily grown, making it the second-largest DeFi protocol on Aptos by TVL (excluding stablecoins, as its TVL is entirely APT-based). With a total of 40 million APT staked (roughly 200 million), amAPT and stAPT have been widely integrated within the Aptos ecosystem. Since November 2023, Amnis has also introduced a points and retroactive airdrop program, and TVL has remained robust even after its token launch this month. Conclusion Aptos’s stablecoin market cap has surged from 780 million at the beginning of March to nearly 1.5 billion now—a 700 million increase. The majority of the new stablecoins on Aptos DeFi protocols have been absorbed by Aries and Echelon, while another 500 million remains on Aptos, yet to be deployed into DeFi protocols. Aptos in April is set to shine! 🌊