Tether provides around 73% of centralized crypto lending – report – Ledger Insights
Galaxy Digital has released a report on the cryptocurrency lending market, highlighting the central role of stablecoin issuer Tether. All the major centralized lenders in the previous crypto boom went bankrupt, and Tether has stepped into the void, becoming the dominant player with around 73% of the market. Since the last boom, the majority of crypto lending has shifted from centralized lending to DeFi lending.
Tether doesn’t hide its lending activities. Its stablecoin report for the end of 2024 shows its reserves include a secured lending balance of $8.2 billion. According to Galaxy’s data, the entire market for centralized crypto loans outstanding at the end of 2024 was $9.9 billion, with Tether having a market share of…
