Galaxy Report: Tether, Galaxy, and Ledn account for nearly 90% of CeFi's outstanding loans

According to CoinDesk, Galaxy Research reports that the crypto lending market size is $36.50 billion in the fourth quarter of 2024, down 43% from $64.40 billion at the peak of the bull market in 2021. Tether, Galaxy and Ledn hold nearly 90% of $11.20 billion outstanding loans from CeFi centralized lenders, and CeFi loans are down 68% from the peak of $34.80 billion in early 2022.