#CryptoLending Market Reaches $25B Behind Transparent Operators


Centralized finance lending markets hit $25 billion in outstanding loans during the third quarter, the highest level in over three years, with transparency-focused platforms leading the sector's recovery.


The crypto lending market has expanded more than 200% since the beginning of 2024, according to Galaxy Research data. The Q3 figure represents the highest total since Q1 2022, though it remains below the previous peak of $37 billion.


Galaxy’s head of research, Alex Thorn, stated Sunday that the current landscape features significantly more #transparency compared to prior market cycles. Thorn expressed pride in the data contributions from lending platforms now providing regular disclosures.


#Stablecoin issuer #Tether dominates the CeFi lending space with $14.6 billion in open loans, capturing 60% market share as of Sept. 30. Nexo and Galaxy ranked second and third with $2 billion and $1.8 billion in loans, respectively, according to Galaxy's report.


The previous market cycle peak featured Genesis, BlockFi, Celsius, and Voyager as dominant players. All four platforms suffered significant impacts from exposure to FTX, which collapsed in November 2022. Celsius filed for bankruptcy in July 2022 primarily due to Three Arrows Capital exposure.

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December 01, 2025 at 2:36 PM
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