Crypto-Collateralized Lending Drops $11.33 Billion in Q2 as DeFi Falls 28%

Crypto-collateralized lending stood at $56.16 billion at Q2's end, as DeFi lending-app balances fell nearly three times as fast as CeFi loans, leaving CeFi ahead for the first time since Q3 2023. Compared with Q1, the total was $11.33 billion lower, a 16.78% decline. The total was $22.53 billion below the $78.69 billion high recorded in Q3 2025. By June 30, the CeFi segment held $22.98 billion in loans, a quarterly decrease of 9.62%. The DeFi-app balance was $20.43 billion after a 27.61% reduction. Their declines differed by 17.99 percentage points, and CeFi finished $2.55 billion above DeFi.