The crypto lending market is more transparent than ever—dominated by Tether, Nexo, and Galaxy—with outstanding loans reaching nearly $25 billion in the third quarter.

According to Galaxy Research, the size of the crypto lending market has grown by over 200% since the beginning of 2024. The latest quarter has pushed it to its highest level since the peak in Q1 2022.

However, it has not yet returned to the peak of $37 billion at that time.

Alex Thorn, head of research at Galaxy, stated that the main difference between then and now is the emergence of more new centralized finance lending platforms and a significant increase in transparency.

Thorn expressed pride in the chart and the transparency of its contributors, calling it a "significant change compared to previous market cycles."

During the peak of the last market cycle, the CeFi lending landscape was dominated by a few platforms.

These included Genesis, BlockFi, Celsius, and Voyager, all of which were significantly impacted due to their exposure to the FTX exchange, which collapsed in November 2022.

Before the collapse of FTX, Celsius had already filed for bankruptcy in July 2022, primarily due to its exposure to Three Arrows Capital.

However, Thorn noted that as many FTX-related platforms exited, the market vacuum has been filled by more transparent participants and healthier practices.

As of September 30, stablecoin issuer Tether had $14.6 billion in outstanding loans, holding a 60% market share. According to the Galaxy report, Nexo and Galaxy ranked second and third with loan sizes of $2 billion and $1.8 billion, respectively.

Tether publishes quarterly attestation reports, while Galaxy and Coinbase present their data in the form of public financial reports. Thorn mentioned that Nexo proactively provides data to Galaxy Research.

After a series of collapses in 2022, CeFi lenders have also become more conservative.

As surviving institutions adopt stricter risk controls, full collateral standards, and higher transparency in the race for public listings and institutional capital, unsecured lending has virtually disappeared.

Meanwhile, according to a report from Galaxy last month, the value of outstanding loans on decentralized finance applications reached a new quarterly high in Q3, growing by 54.8% to $41 billion.

The report noted that when combining DeFi applications with CeFi lending venues, the total outstanding crypto asset collateralized loans at the end of the quarter reached $65.4 billion, setting a new record.

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Original: “Galaxy: ‘Transparent’ Participants Now Dominate $25 Billion Crypto Lending Market”

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