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…
