Crypto Total Value Locked Surpasses $0.5 Trillion, Top Protocols Lead DeFi Growth

The global Total Value Locked (TVL) in the cryptocurrency market has officially surpassed $0.5 trillion, marking a significant milestone for the decentralized finance (DeFi) sector. This achievement was highlighted in a recent announcement by Token Terminal 📊 via social media, which also identified five leading companies and protocols contributing to this substantial figure: Tether, Aave, Circle, Lido Finance, and SkyEcosystem.

"💥🚨 BREAKING: The global TVL in crypto surpasses $0.5 trillion. Top 5 companies & protocols: @Tether_to, @aave, @circle, @LidoFinance, and @SkyEcosystem," stated Token Terminal.

Total Value Locked represents the total U.S. dollar value of digital assets staked or locked in DeFi protocols, serving as a key indicator of investor and developer confidence. This surge reflects a growing maturity and adoption within the DeFi ecosystem, which currently holds a substantial portion of the broader crypto market's $2.96 trillion market capitalization.

Tether (USDT) and Circle (USDC), two dominant stablecoin issuers, are pivotal to this growth. Tether's USDT recently achieved a market capitalization exceeding $160 billion, solidifying its position as the world's leading stablecoin. Circle, the issuer of USDC, which holds a market cap of approximately $68 billion, made headlines with its successful NYSE debut in June 2025, raising over $1 billion and signaling increasing Wall Street interest in crypto infrastructure.

Aave, a prominent decentralized lending platform, and Lido Finance, a leading liquid staking protocol, are also significant drivers of the TVL surge. Aave has recently surpassed Lido in TVL, reaching approximately $25.47 billion and commanding nearly half of the entire lending market within DeFi. Lido, which focuses on liquid staking, manages a substantial $34.8 billion in TVL, primarily in staked Ethereum. Their combined dominance underscores the importance of lending and staking in the DeFi landscape.

Completing the top five is SkyEcosystem, a decentralized finance platform that evolved from MakerDAO. SkyEcosystem, built around its USDS stablecoin and SKY governance token, aims to simplify DeFi through non-custodial savings, governance, and scalable stablecoin solutions. The platform reported a TVL of over $17 billion, contributing significantly to the overall milestone.

The collective growth of these protocols, alongside broader market trends, indicates a robust and expanding DeFi sector. Institutional interest, regulatory developments, and continuous innovation within decentralized applications are expected to further propel the total value locked in crypto.