Crypto-collateralized lending stood at $56.16 billion at the close of the second quarter of 2026, down 16.78% from the prior three months, according to an estimate from Galaxy Research. The bigger shift sat underneath the headline number: for the first time since the third quarter of 2023, centralized lenders held more outstanding loans than decentralized applications.

CeFi lenders reported $22.98 billion in borrowings, against $20.43 billion at DeFi lending apps, the digital-asset research firm found. The crossover caps a period in which the two models have become harder to tell apart, as company-run platforms increasingly route customer loans into onchain infrastructure.