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🪙 Tether has become the largest crypto lender in the CeFi segment.
By the end of 2024, the volume of loans issued in CeFi is expected to shrink to $11.2 billion — a 68% drop from the 2022 peak. Tether, Galaxy, and Ledn now control 88.6% of the market ($9.9 billion), with Tether’s share surging from 20% in 2021 to 70% in 2022 following the collapse of BlockFi, Celsius, and Genesis.
Tether filled the gap left by former leaders and has emerged as a key player in CeFi lending.
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