Protocol Information
mStable unites stablecoins, lending and swapping into one standard.
Audits:
Methodology
TVL: Total value of all coins held in the smart contracts of the protocolView code on GitHubCompetitors
mStable CDP history
TVL is the default DefiLlama definition. Daily values are UTC snapshots from Oct 29, 2020 to Oct 25, 2026.
All-time high TVL: $198.92m on Nov 10, 2021. All-time low TVL: $2.8m on Oct 23, 2026.
Daily TVL, Sep 26, 2026 to Oct 25, 2026
| Date | TVL |
|---|---|
| Sep 26, 2026 | $3.01m |
| Sep 27, 2026 | $3.01m |
| Sep 28, 2026 | $3.01m |
| Sep 29, 2026 | $3.01m |
| Sep 30, 2026 | $3.01m |
| Oct 1, 2026 | $3.01m |
| Oct 2, 2026 | $3.01m |
| Oct 3, 2026 | $2.8m |
| Oct 4, 2026 | $2.8m |
| Oct 5, 2026 | $2.8m |
| Oct 6, 2026 | $2.8m |
| Oct 7, 2026 | $2.8m |
| Oct 8, 2026 | $2.8m |
| Oct 9, 2026 | $2.8m |
| Oct 10, 2026 | $2.8m |
| Oct 11, 2026 | $2.8m |
| Oct 12, 2026 | $2.8m |
| Oct 13, 2026 | $2.8m |
| Oct 14, 2026 | $2.8m |
| Oct 15, 2026 | $2.8m |
| Oct 16, 2026 | $2.8m |
| Oct 17, 2026 | $2.8m |
| Oct 18, 2026 | $2.8m |
| Oct 19, 2026 | $2.8m |
| Oct 20, 2026 | $2.8m |
| Oct 21, 2026 | $2.8m |
| Oct 22, 2026 | $2.8m |
| Oct 23, 2026 | $2.8m |
| Oct 24, 2026 | $2.8m |
| Oct 25, 2026 | $2.8m |
TVL at each month end, Nov 2024 to Oct 2026
| Date | TVL |
|---|---|
| Nov 30, 2024 | $3.13m |
| Dec 31, 2024 | $3.04m |
| Jan 31, 2025 | $3.03m |
| Feb 28, 2025 | $2.99m |
| Mar 31, 2025 | $2.89m |
| Apr 30, 2025 | $2.88m |
| May 31, 2025 | $2.9m |
| Jun 30, 2025 | $2.9m |
| Jul 31, 2025 | $2.89m |
| Aug 31, 2025 | $2.9m |
| Sep 30, 2025 | $2.91m |
| Oct 31, 2025 | $2.91m |
| Nov 30, 2025 | $2.9m |
| Dec 31, 2025 | $3.2m |
| Jan 31, 2026 | $3.17m |
| Feb 28, 2026 | $3.2m |
| Mar 31, 2026 | $3.18m |
| Apr 30, 2026 | $3.17m |
| May 31, 2026 | $3.17m |
| Jun 30, 2026 | $3.01m |
| Jul 31, 2026 | $3.01m |
| Aug 31, 2026 | $3.01m |
| Sep 30, 2026 | $3.01m |
| Oct 25, 2026 (latest) | $2.8m |
TVL at each year end, Dec 31, 2020 to Dec 31, 2025
| Date | TVL |
|---|---|
| Dec 31, 2020 | $26.56m |
| Dec 31, 2021 | $126.33m |
| Dec 31, 2022 | $15.41m |
| Dec 31, 2023 | $3.44m |
| Dec 31, 2024 | $3.04m |
| Dec 31, 2025 | $3.2m |
The .csv export on the chart above downloads every daily value. The same data is in the public API: https://api.llama.fi/protocol/mstable-cdp
Frequently asked questions
What is mStable CDP's TVL?
As of Oct 25, 2026, mStable CDP has $2.8m in total value locked. TVL has decreased 7% over the past 30 days.
What chains does mStable CDP operate on?
mStable CDP operates on 2 chains: Ethereum and Polygon. Ethereum holds the largest share at 95.7%.
How does mStable CDP's TVL compare to similar protocols?
Among CDP protocols tracked by DefiLlama, mStable CDP ranks #26 by TVL. The category holds $7.658b across 200 protocols, and mStable CDP accounts for <0.1% of that total. Similar protocols include QiDao, Angle, Parallel Protocol V2, xDollar, Davos Protocol, MahaDAO Arth, DEUS Finance, Sky Lending, USDD, and Liquity V1.