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Tether, a stablecoin issuer, holds a significant position among centralized financial credit providers in the cryptocurrency sector. Market data reveals that Tether’s credit portfolio represents a substantial share within the industry.
Tether’s Market Position
According to analyses, Tether ranks as the largest credit provider, followed by Galaxy Digital and Ledn in the second and third positions, respectively. The combined credit portfolios of these three institutions reached a noteworthy value of $9.9 billion in Q4 2024. This figure signifies a significant stake in the centralized financial credit market.
Notably, the total portfolio accounts for approximately 89% of the centralized finance sector and corresponds to 27% of the crypto lending market. Meanwhile, the credit portfolio of American cryptocurrency exchange Coinbase ranks fourth. This data provides insights into the current state of competition within the sector.
Alex Thorn, the research director at Galaxy Digital, indicated that the size of the centralized financial credit portfolio at the end of last year was $11.2 billion, reflecting a 68% decrease from the $34.8 billion recorded in 2022. This decline marks the challenging circumstances faced by the sector.
Trends in CeFi and DeFi Lending
On the other hand, the influence of decentralized finance (DeFi) applications in the cryptocurrency market is also on the rise. By the end of 2024, there is a total open credit of $19.1 billion across different networks and 20 lending applications. This figure highlights the expansion of decentralized systems in the lending space.
Furthermore, there has been a remarkable 959% increase in decentralized lending applications over the past two years. This trend demonstrates that recovery and interest in the DeFi sector have become increasingly evident in the market.
Data indicates that the credit market in the cryptocurrency sector has undergone both decline and recovery periods. There is a notable competition and transformation between centralized and decentralized financial systems. The sector continues to reshape with evolving risk management and technological infrastructures.
The analysis results reveal various trends observed in the digital asset credit market. Under current conditions, the market continues to evolve with diverse risk and strategy models. The strategies employed by actors may become more pronounced in the future.
