Wu Blockchain reports that Galaxy Research has released its Q4 2025 Crypto Lending and Leverage Quarterly Report, stating that the combined lending volume of CeFi and DeFi has dropped by about 10% quarter-over-quarter, mainly due to the decline in DeFi asset prices. However, CeFi lending volume continues to grow, driven primarily by Tether, Maple Finance, Galaxy Digital, Nexo, and Coinbase. The report also highlights that Ethereum remains dominant in terms of TVL in the DeFi lending market. Stablecoin lending rates closely track the overall trend of CDP (Collateralized Debt Position) stablecoin minting rates, which have generally used the Federal Reserve's federal funds rate as a lower bound over the past 18 months. Meanwhile, OTC BTC lending rates fell by 25 basis points this quarter to around 1%. https://(x.com)/glxyresearch/status/2029915700303683978