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Wu Shuo learned that Galaxy Research released the Q4 2025 Crypto Lending and Leverage Quarterly Report, which states that the total lending volume of CeFi and DeFi decreased by approximately 10% quarter-over-quarter, mainly due to the decline in DeFi asset prices. However, CeFi lending volume continues to grow, primarily driven by Tether, Maple Finance, Galaxy Digital, Nexo, and Coinbase. The report also points out that Ethereum still maintains dominance in the DeFi lending market TVL. The stablecoin lending rates and CDP (Collateralized Debt Position) stablecoin minting rates have generally followed the overall trend of the Federal Reserve's federal funds rate over the past 18 months, with the latter serving as a lower bound. Meanwhile, off-chain BTC lending rates decreased by 25 basis points this quarter to approximately 1%.