This week, Horizon’s TVL decreased to $550.3m, with over $151.1m in net borrows and $334.6m in stablecoin supply.
Highlights
- TVL has decreased to $550.3 million, with a total stablecoin supply of $334.6 million and net borrowings standing at $151.1 million. RLUSD and USCC remain the dominant supplied assets.
- The incentive programs for RLUSD supply and USDC borrow markets continue to be active, albeit with a capped APR of 4.25% for RLUSD after the renewal.
- During this week, USDC’s base rate was lowered to 5%, reducing borrowing costs for users.
Incentive Programs
Incentive programs on Horizon stimulate liquidity supply and borrowing activity, with active campaigns for USDC and RLUSD.
- USDC: The new borrowing campaign has begun, offering daily rewards of $2,258, which effectively reduces the borrowing cost by approximately 3.2% APY.
- RLUSD: The new lending-focused campaign has begun, distributing $22,676 in daily rewards, capped at a 4.25% APR.
Utilization Report
In the twenty-two weeks following Horizon’s market activation, total borrowed outstanding declined to $151.1m, driven primarily by a single address repaying an additional $10m of GHO debt on 28 Jan (tx1 and tx2), which materially reduced aggregate borrow balances.
Source: LlamaRisk, January 30, 2026
Parameter changes during this period
- USDC: The
baseVariableBorrowRatewas reduced from 2.5% to 2.0% on 29 Jan.
Supply (stablecoins)
Stablecoin supply on Horizon decreased by 1.1% to $334.6m. Most of the supply withdrawals this week were concentrated among USDC suppliers, while RLUSD and GHO supply levels remained broadly unchanged.
- RLUSD: The supply remained stable at $220.8m.
- USDC: The supply decreased by 9% from $37.4m to $34.2m.
- GHO: The supply hasn’t changed and currently stands at $79.5m, managed by the GHO Stewards.
Source: LlamaRisk, January 30, 2026
Supply (RWAs)
The total supply of RWAs decreased by 3.3%, holding $225.4 million. USCC supply continued to decline over the week, while VBILL supply recorded a notable increase.
The changes in individual RWA supplies were as follows:
- USCC: Supply decreased by 9.2%, from $223.8m to $203.3m.
- JTRSY: Supply remained at zero.
- USTB: Supply hasn’t changed and currently stands at $393k.
- JAAA: Supply hasn’t changed and currently sits at $2.5m.
- USYC: Supply remained at zero.
- VBILL: Supply increased by 53.6%, from $6.25m to $9.6m.
Source: LlamaRisk, January 30, 2026
Borrow
Total net borrowing on Horizon decreased by 12.5% to $151.1m, driven by repayments of outstanding GHO debt, which materially reduced overall market borrow balances.
- USDC: Net borrows remained stable at $25.9m.
- RLUSD: Net borrows decreased by 9%, from $126.5m to $115.1m.
- GHO: Net borrows decreased by 50.2%, from $20.22m to $10.1m.
Source: LlamaRisk, January 30, 2026
Stablecoin Utilization
This week, RLUSD utilization remained broadly stable. USDC utilization ticked up modestly over the period, while GHO experienced a sharp step-down, driven by the repayment of the largest borrowing position on 29 Jan, which materially reduced outstanding debt and utilization.
Source: LlamaRisk, January 30, 2026
Stablecoin Supply Rates
The seventeenth supply incentive campaign for RLUSD is now live, with no major changes observed during this week. Overall rate conditions remain stable across the board.
Source: LlamaRisk, January 30, 2026
Stablecoin Borrow Rates
Borrowing rates for USDC and RLUSD were largely stable over the week. USDC borrow rates edged higher as short-lived utilization spikes, while RLUSD remained comparatively stable with limited volatility.
Source: LlamaRisk, January 30, 2026
Profitability heatmaps for leverage looping
USTB yields have remained broadly stable at around 3.4%. In contrast, USCC saw a sharp yield spike, climbing to roughly 5.3%, widening the relative yield advantage.
USCC
Source: LlamaRisk, January 30, 2026
Source: LlamaRisk, January 30, 2026
USTB
Source: LlamaRisk, January 30, 2026
Source: LlamaRisk, January 30, 2026