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Updated on September 28, 2026
The latest DeFi News is being driven by a new increase in on-chain liquidity, record lending activity and a rapid convergence between decentralized finance, stablecoins and tokenized traditional assets.
Total DeFi TVL is now approximately $95.5 billion, up from about $88.1 billion in our September 14 update. Stablecoin capitalization stands near $306.6 billion, decentralized exchanges have processed around $63.8 billion over seven days, and perpetual DEX volume has climbed to approximately $155.6 billion over the same period.
The latest decentralized finance news is also increasingly institutional. Coinbase has introduced fixed-rate bitcoin-backed loans powered by Morpho Midnight. Galaxy has allocated $100 million of its treasury to Sky’s sUSDS. Aave V4 now allows seven Coinbase tokenized U.S. stocks to be used as collateral for USDC loans on Base. Ondo has launched tokenized portfolios based on model strategies developed by BlackRock.
At the same time, Robinhood Chain continues to process billions of dollars of decentralized trading volume while an on-chain investigation has raised new questions about dozens of memecoin launches on the network.
This September 28 edition focuses on those measurable developments rather than broad DeFi narratives or definitions.
Latest DeFi News and Protocol Updates
Explore the latest DeFi News, market data and protocol developments across:
DeFi Market Snapshot — September 28, 2026
💧 DeFi TVL Climbs Toward $96 Billion
Total DeFi TVL is approximately $95.5 billion, compared with $88.1 billion in the September 14 edition of this page.
Stablecoin market capitalization stands near $306.6 billion, with USDT representing approximately 60% of the total.
DEXs have processed approximately $63.8 billion over seven days and around $6.4 billion during the latest 24-hour period.
Decentralized perpetual markets generated approximately $155.6 billion over seven days and around $10 billion during the latest 24 hours.
DeFiLlama currently tracks approximately $28.9 billion in active real-world-asset AUM, while protocols and applications generated more than $80 million in fees during the latest 24-hour snapshot.
September 25 — Lending & Tokenization
🏦 Aave V4 Adds Coinbase Tokenized Stocks as Collateral
Seven tokenized U.S. technology stocks can now be supplied as collateral for USDC loans through Aave V4 on Base.
The initial assets are tokenized versions of Apple, Amazon, Alphabet, Meta, Microsoft, Nvidia and Tesla.
The products are available to eligible users outside the United States in permitted jurisdictions. They are collateral-only at launch, with Chainlink providing the relevant market data.
Aave as a whole currently holds around $19 billion in TVL and approximately $13 billion in active loans.
September 22 — Lending Update
🦋 Coinbase Launches Fixed-Rate Bitcoin Loans Through Morpho
Coinbase users can now borrow USDC against bitcoin at a rate and maturity fixed in advance through Morpho Midnight.
The new product complements Coinbase’s existing variable-rate crypto-backed lending service, also powered by Morpho.
Morpho reported more than $1.4 billion in outstanding variable-rate USDC loans through Coinbase, backed by approximately $3 billion in collateral.
Current DeFiLlama data places Morpho at approximately $11.1 billion in TVL and $5.45 billion in active loans.
September 23 — Institutional DeFi
💵 Galaxy Adds $100 Million of Sky’s sUSDS to Its Treasury
Galaxy Digital has allocated $100 million of its corporate balance sheet to Sky Protocol’s yield-bearing sUSDS.
Galaxy also approved sUSDS as collateral across its institutional trading business, which carries an average loan book of approximately $1.4 billion.
The company serves more than 1,600 institutional trading counterparties. Clients using sUSDS as collateral can continue earning the Sky Savings Rate on the position.
Sky currently has approximately $6.1 billion in TVL and has generated roughly $27 million in fees over the latest 30-day period.
DeFi News: Aave Reaches About $19 Billion in TVL and $13 Billion in Active Loans
Aave remains the largest lending protocol tracked by DeFiLlama.
Current data places combined Aave TVL at approximately $19 billion to $19.3 billion, depending on the live market snapshot.
Active loans stand near $13 billion.
The protocol has generated approximately $36.6 million in fees over 30 days.
Ethereum remains by far Aave’s largest market, with more than $16 billion of TVL, while Base, Arbitrum, Plasma, Avalanche, Monad and several other networks each account for smaller deployments.
The September 25 Coinbase tokenized-stock integration adds a new category of collateral.
Eligible users can now deposit:
- AAPLc — Apple;
- AMZNc — Amazon;
- GOOGLc — Alphabet;
- METAc — Meta;
- MSFTc — Microsoft;
- NVDAc — Nvidia;
- TSLAc — Tesla.
Those assets can be used as collateral to borrow USDC through the Aave V4 Equities Hub on Base.
The change is particularly important for current decentralized finance news because tokenized equities are no longer limited to trading.
They can now support an actual lending position.
Morpho Reaches $11.1 Billion in TVL and $5.45 Billion in Active Loans
Morpho has also continued expanding since the previous edition of this page.
Current DeFiLlama data places combined TVL at approximately $11.1 billion, an increase of roughly 15% over the past month.
Active loans have reached approximately $5.45 billion.
Morpho has generated close to $19 million in lending fees over 30 days.
Its largest markets currently include approximately:
- $5.1 billion on Ethereum;
- $4.4 billion on Base;
- $580 million on Robinhood Chain;
- $288 million on Arc;
- $188 million on Monad;
- and roughly $188 million on Hyperliquid L1.
The September 22 Coinbase announcement is especially relevant because it adds fixed-rate credit to an integration that was already producing substantial variable-rate lending.
Coinbase’s variable-rate Morpho loans have more than $1.4 billion outstanding against roughly $3 billion of collateral.
Morpho Midnight now allows users to choose loans with the interest rate and repayment date determined when the position is opened.
Morpho said on September 22 that its wider network had reached approximately $16 billion in deposits across integrations. That figure should not be confused with DeFiLlama TVL because the two measurements use different methodologies.
Morpho also expands confidential lending
Another September development occurred on September 15.
Zama opened access to 16 confidential Morpho vaults covering assets including USDC, USDT, AUSD and TGBP.
The first confidential vault launched earlier this year with Morpho and Steakhouse Financial had reached approximately $40 million in TVL within seven weeks.
Curators involved in the new vaults include Steakhouse Financial, Armitage by Wintermute, Flowdesk, RockawayX and Bitwise.
This adds another measurable institutional component to the latest DeFi News: lending products are being developed not only around yield and collateral but also around the confidentiality of positions.
Circle Launches Arc With Aave, Morpho and Uniswap Live From Day One
Circle launched the public mainnet of Arc on September 16.
The launch included more than 100 institutional and ecosystem builders.
Aave and Morpho launched lending infrastructure on the network, while Uniswap v2, v3, v4 and UniswapX became available for decentralized trading.
Circle’s founding validator group includes institutions such as BlackRock, DTCC, Mastercard, Visa, ICE, Standard Chartered and others.
Aave V4’s Arc market launched with USDC, EURC, cirBTC and WETH.
Morpho has already accumulated close to $290 million of TVL on Arc in the latest data, while Aave has approximately $185 million deployed on the network.
For current decentralized finance news, Arc is therefore no longer an announced future network.
Capital is already being deployed through its lending and trading infrastructure.
Galaxy Moves $100 Million Into Sky’s sUSDS
Sky has also produced one of the clearest institutional DeFi transactions of September.
Galaxy Digital allocated $100 million of its own balance sheet to sUSDS.
The company also approved the asset as collateral across its institutional trading operations.
Galaxy’s institutional trading business carries an average loan book of approximately $1.4 billion and serves more than 1,600 counterparties.
The two companies already have several credit relationships.
Grove, a Sky ecosystem Prime Agent, provides Galaxy with a $500 million warehouse facility for institutional loans secured by digital assets.
Current DeFiLlama figures put Sky’s TVL near $6.1 billion.
Over the latest 30-day period, Sky has generated approximately:
- $27 million in fees;
- $13.5 million in protocol revenue;
- and around $4.7 million in holder revenue.
Those figures make Sky one of the largest revenue-generating lending and stablecoin ecosystems currently tracked in DeFi.
DeFi RWA Assets Approach $29 Billion
Real-world assets have become one of the most measurable segments of current DeFi News.
DeFiLlama currently tracks approximately $28.9 billion in active RWA AUM across the market.
Two developments during the past week show how the sector is changing.
Aave has brought tokenized Coinbase equities into lending.
Ondo Finance has meanwhile launched three on-chain portfolio products based on model portfolio strategies developed by BlackRock for Ondo.
The products are:
- Ondo High Income Powered by BlackRock;
- Ondo Diversified Growth Powered by BlackRock;
- Ondo High Growth Powered by BlackRock.
They are available to eligible investors outside the United States in supported jurisdictions.
Each portfolio is represented by a single token rather than requiring investors to hold every underlying tokenized asset separately.
BlackRock provides the model portfolio strategies but does not manage, issue, custody or operate the on-chain products.
Ondo’s existing Stocks platform had already reached approximately $1 billion in TVL within eight months.
The latest decentralized finance news therefore shows two separate developments occurring at the same time: tokenized assets are being packaged into portfolios, and tokenized stocks are beginning to be used directly as DeFi collateral.
Robinhood Chain Holds Above $1 Billion in DeFi TVL
Robinhood Chain remains one of the busiest newer DeFi ecosystems.
The latest DeFiLlama snapshot shows approximately:
- $1.03 billion in DeFi TVL;
- $1.04 billion in stablecoins;
- $9.46 billion in seven-day DEX volume;
- $4.41 billion in seven-day perpetual volume;
- $4.4 million in application fees during the latest 24-hour period.
Weekly spot DEX volume has declined by approximately 13%, but perpetual volume is up around 30% over the same comparison period.
Uniswap remains the largest DEX component of the network, while Morpho has accumulated close to $580 million of TVL across its Robinhood Chain deployment.
However, the latest Robinhood Chain news also includes a significant risk signal.
Investigation links dozens of token launches to a possible coordinated extraction
On September 27, pseudonymous on-chain analyst Wazz alleged that one operation extracted at least $18.43 million from 53 token launches on Robinhood Chain between July 10 and September 21.
The Block reviewed the blockchain activity and independently confirmed the opening-buy pattern for 10 launches cited in the investigation, as well as one of the fund flows linking different launches.
It did not independently reproduce the full $18.43 million figure.
Many of the launches took place through Pons V2.
In nine launches examined from late August onward, creators had exempted groups of wallets from Pons’ anti-sniping tax before those wallets acquired most of the initial token supply.
The investigation does not imply that Robinhood Chain itself was compromised.
It does, however, add a new risk factor to an ecosystem where token-launch speculation has generated a substantial share of recent trading activity.
DeFi News: What Changed Since September 14?
💧 DeFi TVL — $88.1B → approximately $95.5B
Roughly $7.4 billion has been added to the headline TVL figure since the September 14 edition.
💵 Stablecoins — $305.3B → approximately $306.6B
Stablecoin capitalization increased by roughly $1.3 billion.
🔄 DEX volume — approximately $63.8B over seven days
Spot DEX volume is broadly close to the level recorded two weeks ago rather than accelerating at the same rate as TVL.
📈 Perpetual DEX volume — $131.8B → approximately $155.6B over seven days
Decentralized derivatives activity has increased more significantly.
🏦 Aave — approximately $19B TVL and $13B active loans
Seven Coinbase tokenized stocks can now be used as collateral through Aave V4 on Base.
🦋 Morpho — approximately $11.1B TVL and $5.45B active loans
Coinbase has added fixed-rate bitcoin-backed borrowing through Morpho Midnight.
💵 Sky — approximately $6.1B TVL
Galaxy has added $100 million of sUSDS to its corporate treasury and approved it as institutional lending collateral.
🏛️ Arc — now live
Circle launched the network on September 16 with Aave, Morpho and Uniswap among the protocols live from day one.
🌐 RWA — approximately $28.9B in active AUM
Aave has added tokenized equities as collateral while Ondo has launched tokenized portfolio products.
🟢 Robinhood Chain — approximately $9.5B in weekly DEX volume
The network remains highly active, while a September 27 on-chain investigation has raised questions about coordinated activity around dozens of token launches.
Latest DeFi News — September 28, 2026
The Week in Numbers
$95.5B — total DeFi TVL.
$306.6B — stablecoin market capitalization.
$63.8B — seven-day DEX volume.
$155.6B — seven-day perpetual DEX volume.
$28.9B — active RWA AUM.
$19B+ — Aave TVL.
$11.1B — Morpho TVL.
$5.45B — Morpho active loans.
$100M — Galaxy’s new sUSDS treasury position.
👉 These are the figures currently driving DeFi News as lending, tokenized assets and institutional on-chain finance expand simultaneously.
Frequently Asked Questions About the Latest DeFi News
What is the latest DeFi News?
The latest DeFi News includes DeFi TVL rising toward $96 billion, Coinbase launching fixed-rate bitcoin-backed loans through Morpho, Aave adding tokenized Coinbase stocks as collateral, Galaxy allocating $100 million to sUSDS, Ondo launching tokenized portfolios and continued high activity on Robinhood Chain.
How large is DeFi TVL now?
The latest market snapshot places total DeFi TVL at approximately $95.5 billion, compared with about $88.1 billion in the September 14 edition.
How large are decentralized exchange markets?
DEXs have processed approximately $63.8 billion over seven days. Decentralized perpetual markets have generated approximately $155.6 billion over the same period.
How large is Aave now?
Aave currently holds approximately $19 billion in TVL and around $13 billion in active loans. It has generated approximately $36.6 million in fees over the latest 30-day period.
How large is Morpho now?
Morpho has approximately $11.1 billion in TVL and $5.45 billion in active loans. Its latest major integration allows Coinbase users to obtain fixed-rate USDC loans backed by bitcoin.
Can tokenized stocks now be used as DeFi collateral?
Yes. Eligible non-U.S. users can now supply seven Coinbase tokenized U.S. stocks as collateral on Aave V4 on Base and borrow USDC against them.
What happened with Galaxy and Sky?
Galaxy Digital allocated $100 million of its corporate treasury to sUSDS and approved the asset as collateral across its institutional trading business, which has an average loan book of approximately $1.4 billion.
What happened on Robinhood Chain?
Robinhood Chain still has around $1 billion in DeFi TVL and more than $9 billion of weekly DEX volume. Separately, an on-chain analyst alleged that one operation extracted at least $18.43 million across 53 token launches. The Block confirmed the transaction pattern for 10 launches but did not independently verify the full alleged amount.
How large is the tokenized real-world-asset market?
DeFiLlama currently tracks approximately $28.9 billion of active RWA AUM. Recent developments include tokenized equities becoming lending collateral on Aave and the launch of Ondo’s on-chain portfolio products.
What is Arc’s role in the latest decentralized finance news?
Circle launched Arc mainnet on September 16 with more than 100 institutional and ecosystem builders. Aave and Morpho provide lending infrastructure on the network, while Uniswap supports decentralized trading.
Latest DeFi News: September 28, 2026
The latest DeFi News shows a market that is larger than it was two weeks ago and increasingly connected to institutional financial products.
Total DeFi TVL has climbed from approximately $88.1 billion to around $95.5 billion since our September 14 update.
Morpho now has approximately $5.45 billion in active loans, while Aave has around $13 billion.
Coinbase is using Morpho for both variable-rate and fixed-rate bitcoin-backed borrowing.
Aave has moved tokenized U.S. equities directly into decentralized collateral markets.
Galaxy has allocated $100 million to Sky’s sUSDS.
Circle’s Arc mainnet is now live with Aave, Morpho and Uniswap already providing core DeFi infrastructure.
Ondo has launched tokenized portfolio products while the broader active RWA market approaches $29 billion.
Robinhood Chain continues to generate billions of dollars of trading volume, although the latest investigation into token-launch activity demonstrates that rapid growth is still accompanied by substantial market-integrity risks.
Those are the facts currently shaping decentralized finance news: higher TVL, more active lending, new forms of collateral, institutional treasury allocations and the continued expansion of financial assets that can move directly through on-chain markets.
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This decentralized finance news page is provided for informational purposes only and does not constitute financial or investment advice. Market data, lending balances, protocol TVL and trading volumes can change rapidly. DeFi involves smart-contract, liquidity, collateral, oracle, bridge, governance and counterparty risks. Always conduct your own research before interacting with a protocol.