Stablecoins form 30% of the Defi income and are the key to the development of the sector, discovers research by Keyrock Trading. Year-on-year the weight of stablecoins in defi-income has grown seven times.
Stablecoins are central to Defi income and make up 30% of the inflow for most Defi projects. In the past year, Stablecoins not only increased their stock, but developed new use cases, where they ticked the general bullish crypto trend.
Keyrock trade discovers The fact that Stablecoins became important engines for protocol activity, which went beyond a purely tool for transfers between fairs. The year of relative stability meant that both assets and crypto-collateralized stablecoins could serve within the Defi room.
Ethereum and L2 draw higher income from the use of the stablecoin
Stablecoins grew into a total supply of $ 246.1bWhere Defi becomes the second most active use, after centralized trade. A total of $ 17.7 billion in Stablecoins flowed into a Defi over a period of five years, with rapidly increasing liquidity for specific protocols. Stablecoins returned to Arbitrum last month and injected $ 6.4 billion into the L2 chain and its Defi apps. Arbitrum also restores its stableecoin-related income, with almost constant growth further from March.
Stablecoins returned to Arbitrum, one of the most active L2 chains for Defi. | Source: Growthepie
Dex and loan protocols have a different stablecoin profile. Some protocols retain a higher share on stablecoin -based income, while for others the growth is marginal.
Keyrock discovered Ethereum and the L2 produced the most important income from the use of the Stablecoins. Despite the active transfers to Tron and Solana, the Ethereum ecosystem was still a hub for large-scale trading activity, DEX swaps and eternal futures trade.
Ethereum saw 23% with stablecoin-powered income for Defi apps, while L2 reached 23%. Solana only had 13% with stablecoin powered income.
The return of a more active Bears market will be mapped of Stablecoin-deducted. The current levels of Defi income return to their reach in 2021 when 35% of the Defi income were dependent on Stablecoins. During the lows of the Berenmarkt, with Stablecoin driven income, driven income dropped as low as 3%, because market instability and corrections could not support income and sufficient collateral.
The Stablecoins share in Defi income is cyclical, with the inflow of bullish periods with more confidence in decentralized protocols. | Source: Keyrock Research
Keyrock discovered that Stablecoins are not only a safe haven during bear markets. When used in Defi protocols, stablecoin-powered income is a marker for the general bullish sentiment. Confidence in the market direction builds trust in lending protocols, DEX -Liquidity pools and other Defi apps for passive income.
Other discoveries show that Stablecoins are also used in the short term to protect realized profits, because tokens are closely held and not deployed in Defi protocols. Stablecoin Supply and Usage are also disconnected from the performance of BTC, because part of the liquidity has been moved directly to Defi.
The percentage of Stablecoin income is more directly correlated with loan protocol yields. During periods of trust, most credit protocols increase their rates, leading to an inflow of stablecoins and increased income. High yields mean that there are also borrowers aimed at chasing hot markets and at the same time pay a premium for access to the liquidity of the Stablecoin.
Stablecoins also expand their share in the income for DEX. Income derived from Stablecoin was recovered to around 20% in 2025, from 10% at the end of 2025. Dex still uses different tokens to form pairs, but the liquidity of the stablecoin becomes important for eternal swaps, meme-token trade and general tokens waps.