Crypto-Collateralized Debt Reaches Record $73.59 Billion in Q3 2025
Crypto-collateralized lending reached an all-time high of $73.59 billion in the third quarter of 2025, marking a $20.46 billion increase from the previous quarter, according to Galaxy Research. On-chain lending now accounts for 66.9% of all crypto-collateralized debt. The growth was driven by DeFi protocols and collateralized debt positions, with lending applications capturing over 80% of the on-chain market.