Ethereum active loans surpass $28B, hold 10x lead over runner-up networks

On January 26, 2026, Token Terminal reported that active loans on Ethereum-based lending protocols exceeded $28 billion, around a 10x rebound from January 2023 lows. The network’s lending activity also stands roughly 10x ahead of the second-place chain. Separately, Token Terminal said stablecoin issuers on Ethereum earned about $5 billion last year.