Reports have disclosed that centralized crypto lending climbed to roughly $25 billion in outstanding loans in the third quarter, a figure that signals renewed activity among centralized platforms. Activity has picked up this year, and some firms that survived the recent shake-out are growing their loan books again.

CeFi Surges

According to Galaxy Research , the broader crypto lending market totaled about $36.5 billion as of Q4 2024, down from a high of $64.4 billion in Q4 2021. That drop reflects the fallout from earlier platform failures and bankruptcies that cut into both supply and demand.

The makeup of the market has shifted. Based on reports , the largest centralized lenders — including Tether, Galaxy and Ledn — now account for a large share of CeFi loans. Those three togethe

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