The fee structure shows up in the vaults: 63% of @SteakhouseFi's $2.66B on @Morpho sits in vaults with no listed fee, against 4% of Sentora's $1.60B. Sentora's $352M PYUSD vault alone lists a 1% management fee.

On those V4 deposits: @aave's Core Avalanche hub now shows $132M supplied, and two stablecoins are 69% of it, USDT at $56.0M and USDe at $34.9M. USDT is also most of what's borrowed, $31.2M of $44.1M.

Good timing to try it: Ethena Pay card spend hit $3.13M in October on Paymentscan, up 97% from $1.59M in September and about 12x August's $260K.

On pause or worse: it hasn't paused yet. DefiLlama has $4.5B of the fall in the last seven days, $3.0B of it USDT. Over the month USDT is down $6.7B and USDC $3.5B, with USD1 a distant third at $0.86B.

That rank holds on Paymentscan: @ether_fi did $141.9M of card spend in October, second among named programmes behind RedotPay's $423.5M and about $21M ahead of KAST.

The rest of the map is interesting too: Base added $53.6M this week and Ethereum $56.7M, but total USDe rose only about $32M, as TON fell $56.1M and Plasma $36.2M.

Worth adding what's borrowing it: $3.53B of USDC is out on listed Morpho markets, and cbBTC backs $1.93B of that, or 55%. USDe is next at $361M, then Circle's cirBTC at $167M.

For scale on native BTC: Aave holds about $5.1B of BTC tokens today, led by $2.87B of WBTC and $1.56B of cbBTC on V3. Only about $204M of that, 4%, sits on V4, where the Babylon vaults would go.

The deposits back that up: from 13:00 UTC on 5 Nov, the hub's stock tokens hit lows 4-10% down, yet units deposited rose on seven of eight and USDC borrowed held near $6.4M. Google was the one exception, down 3.5%.

On your real question: USDe is at $4.57B, so it needs about $2.9B more, or 64%, to reach the $7.5B trigger. Supply hasn't been above $5B in six months and was last over $7.5B on 21 Nov 2025.

Early numbers: SPCXc is $856K of the $15.1M in stock tokens on Aave V4's Coinbase hub, fifth of eight behind Google, Meta, Nvidia and Tesla. On the borrow side, about $676K of USDC is left in the hub.

Stablecoins are part of that rebound: USDT and USDC on Binance went from a $37.1B low on 3 Nov to $39.1B now, still $7.0B short of the $46.1B held before the hack.

Stablecoins went first in that outflow: from the 1 Nov reopening to 3 Nov, Binance's tracked USDC balance fell 27.5% and USDT 10.5%, against 4.0% for BTC and 2.8% for ETH.

Polymarket had mostly written it off before the vote: 'signed into law in 2026' fell from 30.5% to under 5% around September's failed Senate vote, and it was near 3% on election eve, where it still sits.

The Senate shows it best: on Kalshi, Democrats went from 75% at 23:00 UTC, as the first polls closed, to 99% by 02:02. The market only closed on media calls at 04:46, nearly three hours later.

For scale on the spending that promise attracted: KAST cards did $121.0M of onchain spend this October, up from $28.6M in October 2025, 4.2x in a year.

The 'while you can' part is supply: $5.28M of the $6.47M USDC in the Coinbase Stocks hub is already borrowed, so about $1.19M is left to draw. Borrowing there was $1.22M on 4 Oct.

On the borrowing side, it's already moving with the deposits: since 31 Oct, USDT borrowed on Aave V4 Avalanche went from $5.4M to $32.8M, while USDe supplied there grew from $5.7M to $34.2M.

The shrinking sits in the top three: since the 17 May record, USDT is down $10.3B, USDC $5.4B and Sky's USDS $2.4B. Every other dollar stablecoin combined is up $0.2B.

Plenty of carry trades unwound that night: on Morpho's Ethereum cbBTC/USDC market, borrowing fell from $312M to $138M within four hours of the hack. It has since rebuilt to $302M, 3% short of where it started.

Going by where the money actually went in October: RedotPay led onchain card spend with $423.5M, then EtherFi at $141.9M and KAST at $121.0M.

On the Morpho point: a year ago EURCV and EURC were level there (€18.7M vs €17.3M supplied). Today EURCV markets hold €45.0M against €10.3M for EURC.

Matching your BINs to October's onchain spend: Rain-issued cards carried $520M of the $1.37B, ahead of RedotPay on Xfers ($424M) and Wirex ($235M).

On how these markets behave when liquidity tightens, hack week was a live test: lenders pulled $37M of USDG from Aave V4 in 16 hours, borrow rates jumped from 3.4% to 8.6% on average, and they were back near 4% within a day as borrowers repaid $15M.

Your read shows up in the borrow books: on Ethereum's cbBTC/USDC market, borrowing fell $174M (56%) within four hours of the hack and is still $99M lower. On Base it never dropped more than $7M (0.4%).

On the RedotPay side of the matchup: October was its biggest month yet, $423.5M of onchain card spend, up 45% from $292.0M a year earlier.

The weekly record rolls into a monthly one: EtherFi's card closed October at $141.9M of onchain spend, 10% above September's $128.8M and 2.6x January.

The lenders did come back: USDC in Morpho's cbBTC/USDC market on Base fell $95M by 04:00 UTC on 30 Oct, $82M has returned since, and the borrow rate is down to 6.6% from 13.8%.

Since your 28 Oct cut another $3.1B has left, and total supply is $298.5B, its lowest since August and $5.2B below 1 Jan.

After the Binance hack, lenders pulled $470M from Morpho's stablecoin markets in 11 hours, and half the supply sat in markets 95%+ borrowed, up from 0.1%.

The spending side is setting records too: @ether_fi's card did $137.5M of onchain spend in October through the 30th, already past September's record of $128.8M.

Sentora's RLUSD Main vault on @Morpho already had its stress test: 50.1M RLUSD, 11% of the vault, went out in the six hours after the Binance hack, and it's back at 407.9M.

On withdrawal liquidity: about $616M of the $5.85B supplied to Morpho's stablecoin markets sits unborrowed today. The Binance hack cut that buffer to $444M within 8 hours.

After the Binance hack, USDC lenders pulled $95M from Morpho's cbBTC/USDC market on Base, utilisation hit 95% and the borrow rate peaked at 13.8% at 04:00 UTC. It's back to 6.8%.

USDC is the biggest piece by far: $6.8B on Solana today, more than USDT, USD1 and USDGO combined.

Usage keeps climbing too: @Plasma One's card did $26.9M of onchain spend through 28 Oct, already past its September record of $25.6M with three days left.

Supply is moving with it: RLUSD is at $2.60B today, about 2.9x a year ago, with $1.63B of it on Ethereum and $978M on the XRP Ledger.

The card side is growing too: @EthenaPay did $2.8M of onchain card spend in the last 30 days, nearly double the 30 days before, across 38.6K payments.

In dollar terms that 1.7% comes from USDT and USDC: together they shed $6.3B in 30 days, more than the $5.2B net drop, while every other dollar stablecoin added $1.1B combined.

And October already beat that record: tracked card spend hit $1.239B through 28 Oct, past September's $1.231B with three days still left in the month.

Onchain data lands right there: card programmes on Wirex rails (Wirex One, Kolo, COCA and other Wirex cards) did $231M in September, 18.8% of the $1.23B tracked.

On the Coinbase Stocks hub on Base, $11.3M of those tokenized stocks back $4.9M of USDC loans today, and Google and Nvidia make up about 60% of that collateral.

That's a comeback: the Spark USDC vault on Base was down to $6.4M in August and reached $534.5M on 28 Oct, more than double the $248.9M it held on 1 Jan.

The monthly data fits that pace: EtherFi's card spend went from $54.3M in January to $128.8M in September, about 11% a month compounded.

On point 1, most of the incentives don't come from Morpho: of $49.0M in Merkl rewards to Morpho users over 12 months, the DAO funded about a quarter, and Sentora alone paid $14.3M.

Under that TVL, the loan book grew even faster: loans in Morpho's markets went from $2.92B to $5.77B in a year, +97%, and about 90% of what's supplied is lent out.

On the Morpho point: Robinhood Chain is already Morpho's third-largest chain, with $545M supplied and $486M lent out on 26 Oct, behind only Ethereum and Base.

The curator on Earn+, @SteakhouseFi, is already the largest on Morpho: $2.46B of listed vault assets on 26 Oct, 38.1% of the total and more than twice the next curator.

RLUSD is already the second-largest asset in the vaults of Morpho's five biggest curators: $871M on 26 Oct, behind only USDC, with @SentoraHQ at $481M and SparkDAO at $390M.

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Morpho takes no cut, but its curators do: $11.85M of onchain vault fees over twelve months, led by @SteakhouseFi at $4.72M and @SentoraHQ at $2.73M.

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Same 0.51% FX fee, very different usage: EtherFi's card did $136M of spend in the last 30 days and Bitget Wallet's $1.8M. Plasma One did $29.1M, Ethena Pay $2.8M.

A lot has changed since: RedotPay's card went from $16M of onchain spend in January 2024 to $403M in September 2026, about 25x.