Galaxy Digital: Tether has become the dominant player in the crypto lending market, with a market share of around 73%.

In its cryptocurrency lending market report, Galaxy Digital states that with the bankruptcy of some centralized lending institutions, stablecoin issuer Tether is filling the gap and becoming the dominant player, with its share of the crypto lending market currently reaching 73%. The data shows that Tether reserves include up to $8.20 billion in secured lending balances. The top three centralized lending platforms currently are Tether, Galaxy, and Ledn, which together account for 88.6% of the centralized finance (CeFi) market.
Galaxy also pointed out that traditional financial players are also entering the crypto lending market, including Cantor Fitzgerald, currently U.S. Secretary of Commerce Howard Lutnik, who has announced an initial funding round of $2 billion to launch a crypto lending business.