What is it 🤔? Let's get straight to the point 😏

Plasma is distinctly different when looking at the share of stablecoins supplied and borrowed. According to recent data compiled by Kairos Research, Plasma shows: Over 100% share for borrowed stablecoins (stab borrow share), which means that stablecoin borrowings represent an overwhelming proportion of the total borrow activity on this Aave V3 instance.

About 70–75% for supplied stablecoins (stab supply share), the highest level among all analyzed chains.

For comparison: Ethereum V3 remains far behind with much more moderate shares.

Arbitrum V3, Base, Avalanche, Polygon V3 and Linea V3 show levels ranging from ~20% to ~50% approximately, depending on the supply or borrow metrics.

Why is Plasma doing so well with stablecoins? Plasma was designed from the outset as a high-performance blockchain optimized for stablecoins and decentralized finance around on-chain USD (USDT₀, USDe, sUSDe, etc.). The deployment of Aave V3 on Plasma attracted massive liquidity: Strong incentives (airdrops XPL, rewards).

Attractive combined yields (Ethena + Aave).

A concrete utility: borrowing low-cost stablecoins against weETH, sUSDe, or other yield-bearing collateral.

Very high utilization rates on stable pairs (often >80%), which reflects a real active borrowing demand.

Result: Plasma quickly became the second largest Aave instance (behind Ethereum), and by far the most specialized in stablecoins. The graph perfectly illustrates this dominance: the green bar and especially the gray bar of Plasma surpass all others. In summary

If we talk about lending/borrowing stablecoins in Aave V3 today, Plasma is no longer a challenger: it is the undisputed leader in terms of relative share. A great illustration of how a specialized chain + a blue-chip protocol (Aave) + productive stablecoins (Ethena, Tether, etc.) can create a powerful flywheel effect.

in 2026.