Tether, Galaxy, Ledn Dominate CeFi Crypto Lending as DeFi Borrowing Soars: Report
The crypto lending market is still a shadow of its former size preceding the brutal 2022-2023 crypto winter, but beneath the surface, signs of recovery are emerging, especially in the decentralized corner of the space, digital asset investment firm Galaxy Research said in a report on Monday.
The total crypto lending market stood at $36.5 billion at the end of 2024, including loans backed by crypto-collateralized stablecoins, according to the report. That’s a steep decline from the $64.4 billion peak seen at the height of the 2021 bull run when borrowing against crypto soared amid a wave of speculative fervor.
The downturn, fueled by the collapse of major lenders such as Celsius, BlockFi and Genesis, left a few large players to dominate…
