@StellarOrg Q4 2025: DeFi Total Value Locked (TVL) in DeFi on Stellar grew by 284% in 2025, from $44.9 million to $172.5 million. The growth was primarily driven by the overcollateralized lending protocol @blend_capital, which saw a 7.8x year-over-year increase in size, from $10.2 million to $79.9 million. In recent months, the USDC annualized yield (APY) on Blend has remained between 12% and 18%, a highly attractive rate compared to established overcollateralized lending protocols like Aave V3 and SparkLend, which offer APYs between 2% and 7%. Other noteworthy protocols achieved impressive TVL growth in 2025, including DEX Aquarius (up 451% year-over-year to $36.3 million), FxDAO (up 97% year-over-year to $11.6 million), and DEX Soroswap (up 86.6% year-over-year to $4.8 million).