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DeFi Lending Rebounds in July as Fresh Capital Stays Away
DeFi lending grew 7.2% in July, the first monthly gain of 2026, but stablecoin supply contracted and ETF inflows stayed weak. Whales moved to equities.
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DeFi lending posted its first monthly gain of 2026 in July, a 7.2% rise in active loans to $22.2 billion, according to Cryptorank data. The increase came without any fresh outside capital. Total value locked in DeFi climbed from $68 billion at the start of the month to $74.9 billion by July 31.
Aave continues to dominate lending with $11 billion in active loans and a 46.2% market share, Cryptorank said. Aave and Morpho together hold roughly two-thirds of all active loans. Some of the recovery traces to Ethereum's 20.32% net gain in July. Bitcoin added 9.03% for the same period. Bitcoin still outperformed most altcoins and tokens.
The stablecoin picture tells a different story. Total supply contracted by 0.6% in July to roughly $312 billion, Cryptorank reported. ETF inflows stayed weak. Treasury allocations from companies have frozen, even for Bitcoin. Solana and Ethereum corporate treasuries have abandoned aggressive expansion, according to Cryptopolitan.