Tether, Galaxy and Ledn have become leaders in a crypto lending market that has rebounded since its collapse two years ago.

As of the end of the fourth quarter of 2024, the three firms accounted for 88.6% of the centralized finance (CeFi) lending market and 27% of the total crypto lending market, which includes crypto-backed collateral debt position (CDP) stablecoins, Galaxy said in a report posted Monday (April 14).

The crypto lending market was gauged at $36.5 billion at the end of the fourth quarter, a figure that was down 43% from the all-time high of $64.4 billion in the fourth quarter of 2021 but up 157% from its low in the third quarter of 2023, according to the report.

The total size of outstanding CeFi borrows…