The onchain credit market hit a new record with $73.6 billion in crypto-collateralized debt in Q3 2025. DeFi lending protocols now account for 66.9% of this market, with outstanding onchain loans reaching an all-time high of $41 billion. Monthly stablecoin borrowing volumes peaked at $51.7 billion in August 2025, while cumulative stablecoin-denominated loans processed since 2020 exceeded $670 billion. Visa’s partnership with Credit Coop processed $2.5 billion in onchain settlements by September 2026 with zero defaults reported. Tokenized private credit and real-world asset lending are growing fastest, expanding at rates that outpace traditional DeFi stablecoin markets.
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