On-Chain Credit Reaches Record High at $73.6B as DeFi Lending Surges

The on-chain credit market has reached an all-time high of $73.6 billion in Q3 2025, according to a report by Galaxy Digital.

DeFi lending protocols accounted for 66.9% of that figure, pushing outstanding on-chain loans to $41 billion.

The growth is attributed to attractive lending incentives and the introduction of new collateral types on blockchain networks like Plasma.

A separate analysis from Visa and Allium Labs shows that on-chain lending balances peaked at near $19 billion in November 2025, while monthly stablecoin borrowing volumes hit $51.7 billion in August 2025.

The tokenized private credit segment has grown even faster, with active on-chain private credit loans reaching $18.9 billion in early 2026 and cumulative originations climbing to $33.7 billion.