DeFi total value locked (TVL, assets deposited in protocols) rose 37.9% to $95.42 billion in the third quarter of 2026 after falling for three consecutive quarters from a $156 billion peak in the third quarter of 2025. TVL stood at $69 billion in June before increasing 7% in July, 15% in August and 11% in September. Much of the recovery reflected higher asset prices, including Ethereum’s 67% gain, rather than a major increase in new deposits. Stablecoin supply grew by about $2 billion. Ethereum accounted for about $53.7 billion, while Monad’s TVL climbed 183% and Robinhood Chain, which went live in July, surpassed $1 billion. Tokenized stocks deposited across DeFi protocols reached about $252 million, led by Uniswap with $82.1 million, Kamino Lend with $51.3 million and Pendle with $33.8 million. Morgan Stanley has also established a Digital Asset Lab to test stablecoins, tokenization and DeFi applications, building on work in tokenization, electronic trading, cybersecurity and machine learning. The bank began offering crypto trading through E*Trade earlier this year.