DeFi crypto lending surpasses $19 billion in 2024, nearly doubling CeFi counterpart
A recent Galaxy report highlighted that despite Tether leading the crypto lending market with two other companies, decentralized applications posted nearly double the amount in outstanding loans at the end of 2024.
According to the report, the crypto lending market stood at roughly $30 billion on Dec. 31, excluding collateralized debt position (CDP) stablecoins.
This exclusion provides a clearer view of the crypto lending market. The report noted that some overlap may exist between the total size of centralized finance (CeFi) loan books and the supply of CDP stablecoins.
The reason is that specific CeFi lenders use crypto collateral to mint CDP stablecoins, which are then lent to off-chain borrowers, creating the potential for…
