Curve Finance loans up 68% to $70.9 million in Q3, LlamaLend v2 drives growth
Curve Finance said active loans rose 68% from $42.18 million to $70.9 million in Q3 2026, while DeFi-wide active loans ended September 13% below their end-2025 level.
Why it matters
LlamaLend v2 accounts for about 84% of Curve's quarterly loan growth, so one product now carries most of the protocol's lending book while a proposed reUSD/sfrxUSD pool market waits on a DAO vote. Both reports trace their numbers to Curve Finance rather than independent measurement, and Curve's gain comes against a sector total that sits below its end-2025 level.
Where the sources disagree
Status of the first LlamaLend v2 LP-token market
Proposed reUSD/sfrxUSD liquidity pool token market awaiting a Curve DAO vote
Crypto.News
LlamaLend v2 has opened its first LP-token market
Crypto News (CryptoNews.net)
Crypto.News describes a proposed reUSD/sfrxUSD liquidity pool token market still waiting on a Curve DAO vote, while Crypto News states LlamaLend v2 has already opened its first LP-token market.
Key facts
Curve Finance attributed about 84% of its net lending-debt increase in the quarter to LlamaLend v2.
84 %Reported by Crypto.News
LlamaLend v2 reached Optimism in June 2026 and Ethereum mainnet in July 2026.
Reported by Crypto.News
Curve Finance said August 2026 was its strongest growth month, led by markets involving yield-bearing stablecoins sreUSD, sfrxUSD and syrupUSDC.
Reported by Crypto.News
Crypto.News reported that a proposed reUSD/sfrxUSD liquidity pool token market awaits a Curve DAO vote.
Disputed figureReported by Crypto.News
Crypto News, citing a Curve Finance post, reported a 9.1% yield on USG on Curve.
9.1 %Reported by Crypto News (CryptoNews.net)
Crypto News reported 4.2% from lending crvUSD against Ethereum assets.
4.2 %Reported by Crypto News (CryptoNews.net)
What happened
Curve Finance said in its quarterly update that active loans rose 68% from $42.18 million on June 30 to $70.9 million on September 30, 2026, which the protocol put above the $69 million recorded at the end of 2025. DeFiLlama figures cited in the same update put total sector active loans at $32.8 billion on September 30 against $37.5 billion a year earlier, roughly 13% lower. Curve's team attributed about 84% of the net lending-debt increase to LlamaLend v2, which reached Optimism in June and Ethereum mainnet in July, and said August was the strongest growth month, led by markets in yield-bearing stablecoins sreUSD, sfrxUSD and syrupUSDC. Crypto News, citing a Curve Finance post, separately reported a 9.1% yield on USG and 4.2% from lending crvUSD against Ethereum assets this week; both figures come from Curve rather than independent measurement. The two reports also differ on the status of LlamaLend v2's LP-token market, with Crypto.News describing a proposed reUSD/sfrxUSD liquidity pool token market still awaiting a Curve DAO vote and Crypto News stating the first LP-token market has already opened. Curve's team pointed to borrowers seeking credit while keeping the income their collateral generates, and its written statement that DeFi lending is recovering unevenly was cut off in the Crypto.News report.
How the story developed
- First report
First report by Crypto.News
Curve Finance loans climb 68% in Q3 as DeFi lending recovery lags
- Update
Curve Finance quarterly update reports 68% jump in active loans
Active loans stood at $70.9 million on September 30 against $42.18 million on June 30, above the $69 million end-2025 balance cited from DeFiLlama data.
- Update
LlamaLend v2 deployed on Optimism and Ethereum mainnet
The rollout reached Optimism in June 2026 and Ethereum mainnet in July 2026, and the protocol credits it with about 84% of Curve's quarterly lending-debt increase.
- Update
Proposed reUSD/sfrxUSD pool market submitted for a Curve DAO vote
The market has not been voted on, according to Crypto.News.
- Official statement
Curve Finance posts USG and crvUSD yield figures
A Curve Finance post reported a 9.1% yield on USG and 4.2% from lending crvUSD against Ethereum assets.
How coverage built up
Independent sources over time, counted the way the consensus panel counts them: a republication of a wire story does not move the line.
- 15 Oct 2026, 16:17 UTC: Crypto.News — 1 independent source, 1 reports
- 16 Oct 2026, 07:26 UTC: Crypto News (CryptoNews.net) — 2 independent sources, 2 reports
Affected entities
Also mentioned: United States
Original sources
| Publisher | Report | Role | Published |
|---|---|---|---|
| Crypto.News Crypto media | Curve Finance loans climb 68% in Q3 as DeFi lending recovery lags | Original | |
| Crypto News (CryptoNews.net) Aggregator | Ethereum Shows Strong Yields on Curve Finance | Syndicated |
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