Tether and Coinbase Among Largest Centralized Finance (CeFi) Lenders in Crypto, According to Galaxy Analyst
Stablecoin issuer Tether is the largest centralized finance lender (CeFi) in the digital asset space, according to new analysis.
Zack Pokorny, a research analyst at the crypto investment giant Galaxy Digital, notes that Galaxy and the Bitcoin (BTC) lending firm Ledn were the second and third-largest lenders, respectively.
Combined, Tether, Galaxy and Ledn’s loan book totaled $9.9 billion at the end of the fourth quarter of 2024, comprising nearly 89% of the CeFi lending market and 27% of the total crypto lending market. Coinbase, the top US crypto exchange, had the fourth-largest loan book.
Alex Thorn, Galaxy’s head of research, says the total CeFi loan book size at the end of last year was $11.2…
