Galaxy Research's Q4 2025 report reveals a 10% quarter-on-quarter decline in combined CeFi and DeFi lending, primarily due to falling DeFi asset prices. Despite this, CeFi lending continues to grow, driven by Tether, Maple Finance, Galaxy Digital, Nexo, and Coinbase. Ethereum maintains its dominance in DeFi lending market TVL. The report highlights that stablecoin lending rates and CDP stablecoin minting rates have closely followed the U.S. Federal Reserve's federal funds rate as a lower bound over the past 18 months. Additionally, BTC OTC lending rates fell by 25 basis points this quarter to approximately 1%.