according to CoinDesk, a report from GalaxyResearch stated that the size of the encrypted lending market in the fourth quarter of 2024 was $36.5 billion, a 43% decrease from the peak of $64.4 billion during the bull market in 2021. Tether, Galaxy, and Ledn hold nearly 90% of the $11.2 billion in outstanding loans from centralized lending institutions in CeFi. CeFi loans have decreased by 68% from the peak of $34.8 billion in early 2022.
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Galaxy Report: Tether, Galaxy, and Ledn account for nearly 90% of CeFi outstanding loans
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