This week, Horizon’s TVL increased to $364.8m, with $111.7m in net borrows and $212.6m in stablecoin supply.
Highlights
- TVL increased to $364.8 million, with a total stablecoin supply of $212.6 million and net borrowings standing at $111.7 million. The Horizon market saw a decline in stablecoin supply this week, driven primarily by significant RLUSD withdrawals. RLUSD and USCC remain the dominant supplied assets.
- The incentive programs for the RLUSD supply and USDC borrow markets remain active, albeit with capped APYs of 3.5% for RLUSD and 1.75% for USDC.
- Markets posted significant gains following the US-Iran ceasefire announcement, though persistent regional strikes and maritime bottlenecks in the Strait of Hormuz continue to sustain underlying macro volatility.
- The private credit liquidity crisis intensified as Carlyle, Barings, and BCRED imposed redemption caps, prompting Moody’s to downgrade the sector’s outlook to negative. Despite these retail withdrawal pressures, Blackstone, Ares, and Blue Owl raised $23 billion in opportunistic funds.
- RWA perpetual volume rose from 0.2% to 4.9% of traditional futures in 90 days. Weekend trading now predicts Monday’s market gap direction with 89% accuracy.
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 $286.5, effectively reducing the borrowing cost by 1.75% APY.
- RLUSD: The new lending-focused campaign has begun, distributing $13,084 in daily rewards, capped at a 3.5% APY.
Utilization Report
In the thirty-two weeks since Horizon’s market launch, total outstanding debt increased by $111.7 million. Over the past week, borrow activity saw an uptick as a new $4.52 million RLUSD debt position backed by USTB was opened. A new USDC debt position backed by USCC further contributed to the uptick over the week.
Source: LlamaRisk, April 10th, 2026
Parameter changes during this period
This week, no parameter changes were proposed or implemented.
Supply (stablecoins)
Stablecoin supply trends shifted upward this week, primarily driven by a significant influx into RLUSD, which saw a notable boost following an $8 million supply from Ondo Finance on April 7th. In contrast, USDC supply experienced a $2.73 million withdrawal on April 3rd, though these outflows were partially covered by new supply later in the week as USDC rates stabilized. Meanwhile, GHO supply remained untouched throughout the period.
- RLUSD: The supply increased by 5.4%, from $158m to $166.6m.
- USDC: The supply decreased by 17.3%, from $13.9m to $11.5m.
- GHO: Supply remained unchanged at $34.6m.
Source: LlamaRisk, April 10th, 2026
Supply (RWAs)
The total supply of RWAs increased by 2.6%, holding $152.7 million. RWA supply increased due to a new $5.14 million USTB supply position opened by an existing Horizon USTB holder. This collateral currently backs a new 4.52 million RLUSD debt position, notably without affecting the health factor of the total position. The rest of the assets remained unchanged, with USCC, the largest real-world asset by supply on Horizon, showing no visible change, as basis rates for CME futures remain low.
The changes in individual RWA supplies were as follows:
- USCC: Supply remained largely unchanged and currently stands at $118.4m.
- JTRSY: Supply remained at zero.
- USTB: Supply increased by 25.6%, from $19.9m to $25m.
- JAAA: Supply remained unchanged at $2.55m.
- USYC: Supply remained at zero.
- VBILL: Supply remained unchanged at $6.25m.
Source: LlamaRisk, April 10th, 2026
Borrow
Total net borrowing on Horizon increased by 5% to $111.7 million. Borrowing activity increased this week, driven primarily by new RLUSD borrows. This growth was anchored by a significant $4.52 million RLUSD borrow position against USTB, complemented by several smaller new borrow positions opened against USCC. In contrast, USDC borrowing was volatile but ended the week with little net change. This was due to a single user repeatedly borrowing and repaying USDC debt ($1.94 million borrowed followed by $1.88 million repayment). Because of the asset’s small market size, the USDC rate curve was highly sensitive, leading to significant shifts in interest rates during large transactions.
- USDC: Net borrowings remain unchanged at $6.1m.
- RLUSD: Net borrows increased by 6.1%, from $87.5m to $92.8m.
- GHO: Net borrowings remain unchanged at $12.8m.
Source: LlamaRisk, April 10th, 2026
Stablecoin Utilization
Utilization rates showed varied behavior this week: RLUSD utilization remained steady overall, experiencing only a brief decline following the $8 million supply influx from Ondo Finance before quickly rebounding as new borrow demand absorbed the liquidity. USDC utilization was highly volatile due to a single user’s repeated borrowing and repayment of USDC debt. This triggered significant rate fluctuations due to the asset’s limited market size and its heightened sensitivity to utilization changes. Meanwhile, GHO utilization remained stable throughout the period.
Source: LlamaRisk, April 10th, 2026
Stablecoin Supply Rates
In the supply rate section, it is notable that as the borrow rate surged following a $3.54 million USDC borrow transaction on 7 April ($1.6 million and $1.94 million), pushing utilization toward 70%, the supply rate was affected as well. However, the supply rate quickly normalized alongside the borrow rate following the subsequent repayment. In contrast, both RLUSD and GHO rates remained stable throughout the week.
Source: LlamaRisk, April 10th, 2026
Stablecoin Borrow Rates
Following volatility in USDC utilization, the asset’s borrow rate spiked sharply but briefly. The rate quickly returned to normal levels following a rapid repayment transaction that reduced the strain on the pool (see sections “Borrow” and “Stablecoin Utilization”). In contrast, both RLUSD and GHO borrow rates remained stable and unaffected throughout the week.
Source: LlamaRisk, April 10th, 2026
Profitability heatmaps for leverage looping
RWA Yields: Yields on RWA assets in Horizon moved in mixed directions this week. VBILL and JAAA yields both trended lower, reaching 3.41% and 4.09%, respectively. In contrast, while the USTB 30-day APY declined to 3.42%, USCC saw a notable increase, rising to 4.29%.
Maximum profitability: When factoring in maximum leverage, potential maximum returns currently stand at 8.04% for USTB (at 8.33x), 12.79% for USCC (at 6.67x), 7.96% for VBILL (at 8.33x), and 9.63% for JAAA (at 5.26x).
Macroeconomic Overview: The US-Iran ceasefire triggered an immediate relief rally, with the S&P 500 gaining 2.51% and the Dow soaring over 1,300 points for its best day in a year. While the Nasdaq surged 2.8%. Treasury yields fell, with the 10-year dropping 9 basis points to 4.253%. Iran announced its military would regulate passage through the Strait of Hormuz to maintain a unique geopolitical position, even as Israel launched its largest strikes yet on Lebanon and Saudi infrastructure faced new attacks. Although WTI crude plunged to $94.41, it remains well above pre-war levels. Traffic through the Strait has not yet improved, leading analysts to warn that prolonged closures will make it harder to unwind supply-side disruptions. Experts describe the current situation as a relief rally against an exceptionally fragile macro backdrop.
Credit Markets: Redemption Waves and Widening Spreads
The private credit redemption crisis escalated this week with three major funds imposing withdrawal caps in rapid succession. Carlyle’s $7 billion fund capped withdrawals at 5% after investors sought to pull 15.7% of shares, disbursing fewer than a third of requested redemptions. Barings’ $4.9 billion fund was capped at 5% after 11.3% redemption requests, holding onto roughly $180 million that investors wanted back. On April 8, Moody’s downgraded its Business Development Company (BDC) outlook to negative, specifically citing this wave of redemption requests. Despite these retail pressures, institutional interest remains strong. Blackstone recently closed an oversubscribed $10 billion opportunistic credit fund, Ares raised a similar amount, and Blue Owl secured $2.9 billion for a comparable portfolio. This suggests that institutional capital is moving into the gap left by retail investors. Additionally, Morgan Stanley filed on April 3 for a new interval fund designed to invest predominantly in private credit.
In public credit, Nomura published its March high-yield review this week: US high yield ended March at a 7.44% yield / 328 bps spread, with B-rated bonds outperforming while BBs lagged on rising Treasury yields and CCCs underperformed on disruption fears. European HY spreads widened sharply from 287 to 349 bps amid heightened energy dependence, amplifying the impact of the Iran conflict. Energy and aerospace/defense emerged as the clear beneficiaries of the current geopolitical environment. In contrast, airlines, cruise lines, and housing-related issuers faced the most pressure.
Crypto-Native Perpetuals Emerge
Crypto-native perpetuals are steadily encroaching on traditional futures markets. The volume ratio of RWA perps to their traditional equivalents climbed from 0.2% to 4.9% in 90 days, with daily volumes reaching $8.6B in March. Gold perpetuals now average 3.6% of COMEX volume, while silver has reached 13.6% and WTI crude 2.3%. Binance Research indicates that weekend perpetual trading correctly predicts Monday’s futures gap direction 89% of the time, capturing 57% of the move. These markets proved their structural value during the late February geopolitical escalation, with weekend volumes surging to 116% of weekday averages. Since 2024, a diversified 50/20/20/10 perpetual-based allocation has reduced maximum drawdowns by 8% and increased total returns by 7–8% compared to pure Bitcoin.
RWAs Performance
Source: LlamaRisk, April 10th, 2026
Source: LlamaRisk, April 10th, 2026