This week, Horizon’s TVL decreased to $499.8m, with over $113.5m in net borrows and $335.7m in stablecoin supply.
Highlights
- TVL has decreased to $499.8 million, with a total stablecoin supply of $335.7 million and net borrowings standing at $113.5 million. RLUSD and USCC remain the dominant supplied assets.
- The incentive programs for the RLUSD supply and USDC borrow markets remain active, albeit with capped APRs of 4% for RLUSD and 3% for USDC.
- This week, all outstanding GHO debt has been repaid, with 80 million GHO available to borrow.
Incentive Programs
Incentive programs on Horizon stimulate liquidity supply and borrowing activity, with active campaigns for USDC and RLUSD.
- USDC: The borrowing campaign remains active, offering daily rewards of $1,997, effectively reducing the borrowing cost to approximately 3% APY.
- RLUSD: The new lending-focused campaign has begun, distributing $21,104 in daily rewards, capped at a 3.99% APR.
Utilization Report
In the twenty-four weeks since Horizon’s market launch, total outstanding debt fell to $113.5m, largely due to the steady withdrawal of USCC assets.
Source: LlamaRisk, February 13, 2026
Parameter changes during this period
This week, no parameter changes were proposed or implemented.
Supply (stablecoins)
Stablecoin supply hasn’t changed and is currently around $335.7m. Overall stablecoin supply levels remained broadly unchanged this week, with RLUSD maintaining its position as the largest.
- RLUSD: The supply hasn’t changed and currently stands at $219m.
- USDC: The supply increased by 7.2%, from $34.6m to $37.1m.
- GHO: The supply hasn’t changed and currently stands at $79.5m, managed by the GHO Stewards.
Source: LlamaRisk, February 13, 2026
Supply (RWAs)
The total supply of RWAs decreased by 1.6%, holding $164 million. The RWA supply remained almost unchanged this week, seeing only a marginal decrease in USCC.
The changes in individual RWA supplies were as follows:
- USCC: Supply decreased by 1.7%, from $157.6m to $154.9m.
- 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 decreased by 34.9%, from $9.6m to $6.25m.
Source: LlamaRisk, February 13, 2026
Borrow
Total net borrowing on Horizon decreased by 7.3% to $113.5m, driven primarily by the last $5m repayment of GHO debt, which fully cleared the remaining balance.
- USDC: Net borrows increased by 10.4%, from $22.1m to $24.4m.
- RLUSD: Net borrows remain stable at $89m.
- GHO: Net borrows have been fully repaid and currently sit at zero.
Source: LlamaRisk, February 13, 2026
Stablecoin Utilization
This week, utilization for both RLUSD and USDC continued to decline due to borrower repayments, while GHO utilization dropped to 0% following the final repayment of GHO debt.
Source: LlamaRisk, February 13, 2026
Stablecoin Supply Rates
With the launch of the nineteenth RLUSD supply incentive campaign, RLUSD supply rates decreased following a cut in incentives. Concurrently, USDC experienced a decline driven by low utilization.
Source: LlamaRisk, February 13, 2026
Stablecoin Borrow Rates
While RLUSD borrowing rates remained quiet this week, USDC experienced an extreme, temporary spike driven by the launch of a new borrow-focused campaign.
Source: LlamaRisk, February 13, 2026
Profitability heatmaps for leverage looping
Yields for RWA assets on Horizon remained largely unchanged this week. USTB held steady at 3.45%, while USCC declined slightly to 4.34%.
USCC
Source: LlamaRisk, February 13, 2026
Source: LlamaRisk, February 13, 2026
USTB
Source: LlamaRisk, February 13, 2026