[Galaxy: Crypto Asset Collateralized Loans Shrink by 16.8% in Q2, Market Steadily Deleveraging] According to a Galaxy Research report, the scale of crypto asset collateralized loans decreased by 16.78% in the second quarter of 2026, reaching $56.16 billion. This marks the third consecutive quarter of contraction, though the decline has been gradual (previous quarters saw decreases of 10%, 5%, and 17%, respectively), contrasting sharply with the single-quarter collapse of over 55% in 2022. Among these, DeFi loans fell by 27.61% to $20.43 billion, while CeFi loans dropped by 9.62% to $22.98 billion. For the first time since Q3 2023, CeFi loan volumes have surpassed DeFi. In the CeFi market, Tether leads with a 58.5% share, and the top three players (Tether, Maple, Nexo) collectively account for 74.96%.