This week, Horizon’s Total Value Locked (TVL) surpassed $530m, with over $172m in net borrows, and $267m in stablecoin supply.
Highlights
- TVL has surpassed $530 million, with total stablecoin supply reaching $267 million and net borrows standing at $172 million. RLUSD and USCC remain the dominant supplied assets, mostly by active user demand for looping strategies.
- Stablecoin markets experienced a sharp rise in net borrowing, primarily driven by a significant GHO borrowing position against USCC collateral.
- VanEck Treasury Fund (VBILL) has been listed as a collateral asset on Horizon. VBILL is a tokenized fund that invests in U.S. Treasury securities,
- The incentivization programs for RLUSD supply and USDC borrow markets were renewed.
Incentivize Program
Incentive programs on Horizon stimulate liquidity supply and borrowing activity, with active campaigns for USDC and RLUSD.
- USDC: A borrowing campaign remains active, offering daily rewards of $1,603, effectively reducing the borrowing cost by approximately 3.5%.
- RLUSD: The new lending-focused campaign has been active since November 4, distributing $42,214 in daily rewards, capped at a 15% APY.
Utilization Report
In the tenth weeks following Horizon’s market activation, total borrowed balances expanded sharply to $172.53 million, fueled by sustained inflows of new users who began actively borrowing GHO against USCC collateral. A single address accounted for roughly half of the total GHO net borrow.
Source: LlamaRisk, November 7, 2025
Parameter changes during this period
- GHO: The borrow caps were increased to 60m on 4 November, then was raised again up to 78m with supply cap being raised up to 80m on 7 November.
- RLUSD: The supply cap was raised to 164.7m on 4 November, then borrow cap was raised 148.2m on 7 November.
- USDC: The supply cap was raised to 50m on 4 November.
- USCC: The supply cap was increased to 23m on 4 November.
- VBILL: The VBILL token listed on Horizon UI with 15m Supply Cap.
Supply (stablecoins)
The total supply of stablecoins increased by 17.8% to $267.9m. RLUSD accounts for the largest portion of this total supply.
- RLUSD: Supply increase by 18.5% from $139m to $164.7m.
- USDC: Supply increase by 28.4% from $18.9m to $24.26m.
- GHO: Supply increase by 13.8% from $69.4m to $79m.
Source: LlamaRisk, November 7, 2025
Supply (RWAs)
The total supply of Real World Assets (RWAs) grew by 22.4%, reaching $283.6m. The USCC remained the sole contributor to overall platform growth, reflecting enduring institutional demand for yield-generating collateral within the Horizon ecosystem.
The changes in individual RWA supplies were as follows:
- USCC: Supply increased by 21.7%, from $196m to $238.6m.
- JTRSY: Supply hasn’t changed and currently sits at $33.2m.
- USTB: Supply hasn’t changed and currently sits at $389k.
- JAAA: Supply hasn’t changed and currently sits at $2.5m.
- USYC: Supply remained at zero with no assets supplied.
- VBILL: Supply increased to $9.17m from the launch.
Source: LlamaRisk, November 7, 2025
Borrow
Total net borrowing on Horizon increased by 26.9% to $135.9m. This growth was due to increased borrowing in the GHO market.
- USDC: Net borrow decrease by 3.8%, from $16.72m to $16.09m.
- RLUSD: Net borrow increase by 27.7%, from $69.9m to $89.42m.
- GHO: Net borrow increased by 36.9% from $49.2m to $67.4m.
Source: LlamaRisk, November 7, 2025
Stablecoin Utilization
USDC and RLUSD market dynamics remained stable overall, although USDC utilization declined sharply following a recent increase in supply demand. In contrast, GHO utilization reached 97.42%, indicating strong demand for borrowing.
Source: LlamaRisk, November 7, 2025
Stablecoin Supply Rates
The eighth RLUSD incentive program began this week, supporting the supply yield. Following the recent expansion in the RLUSD market capacity, reward yields have remained volatile amid shifting liquidity dynamics. Meanwhile, USDC supply rates declined further, driven by a clear drop in utilization.
Source: LlamaRisk, November 7, 2025
Stablecoin Borrow Rates
Borrowing rates across stablecoin markets remained largely unchanged, with USDC, for the first time in its history, slipping below the RLUSD rate. GHO remained to have a fixed rate of 4.34%.
Source: LlamaRisk, November 7, 2025
Profitability heatmaps for leverage looping
RWA yields were mostly stable over the week, though USCC saw a sharp decline to 5.37%, following the drop in CME futures rates for ETH and SOL. USTB yields edged slightly lower to 3.69%, consistent with a modest adjustment in short-term treasury exposures.
USCC
Source: LlamaRisk, November 7, 2025
Source: LlamaRisk, November 7, 2025
USTB
Source: LlamaRisk, November 7, 2025
Source: LlamaRisk, November 7, 2025