Galaxy Digital: Tether has become the dominant player in the cryptocurrency lending market, with a market share of approximately 73%

According to a report by Golden Finance, Galaxy Digital pointed out in its cryptocurrency lending market report that with the bankruptcy of some centralized lending institutions, stablecoin issuer Tether is filling the market gap and becoming the dominant player. Currently, its market share in the cryptocurrency lending market has reached 73%. Data shows that Tether's reserves include up to $8.2 billion in secured lending balances. Currently, the top three centralized lending platforms are Tether, Galaxy, and Ledn, which together account for 88.6% of the centralized finance (CeFi) market share. Galaxy also pointed out that traditional financial participants are also entering the cryptocurrency lending market, including Cantor Fitzgerald of current US Secretary of Commerce Howard Lutnik, which has announced an initial funding of $2 billion to launch its cryptocurrency lending business.