$25B crypto lending market now led by ‘transparent’ players: Galaxy

CeFi lending markets reached $25 billion in Q3, its highest level in over three years, and the market looked very different then, says Galaxy’s Alex Thorn.

The crypto lending market has become more transparent than ever — led by the likes of Tether, Nexo and Galaxy — and has just hit an aggregate loan book of nearly $25 billion outstanding in the third quarter.

The size of the crypto lending market has increased by more than 200% since the beginning of 2024, according to Galaxy Research. Its latest quarter puts it at its highest since its peak in Q1 2022.

However, it has yet to return to its peak of $37 billion then.

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