According to Galaxy Research’s report, the total value of crypto-backed loans decreased by 16.78% quarter-over-quarter to $56.16 billion in Q2 2026. DeFi loans declined by 27.61% to $20.43 billion, while CeFi loans fell by 9.62% to $22.98 billion—marking the first time since Q3 2023 that CeFi loan volume surpassed DeFi. In the CeFi market, Tether led with a 58.5% share, and Tether, Maple, and Nexo together accounted for 74.96%.
Galaxy Research: Q2 Crypto Collateral Loan Volume Drops 16.78%, CeFi Surpasses DeFi
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Summary
Galaxy Research reported that crypto collateral loan volume in Q2 2026 fell 16.78% to $56.16 billion. DeFi loans declined 27.61% to $20.43 billion, while CeFi loans dropped 9.62% to $22.98 billion. This marks the first time since Q3 2023 that CeFi surpassed DeFi. Tether led the CeFi market with a 58.5% share, and Tether, Maple, and Nexo together held 74.96%. Altcoins to watch may shift as trading volume trends indicate a clear change in lending preferences.
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