TL;DR:
- Centralized finance lending books decreased by 6% quarter-on-quarter, reaching a total value of $23.3 billion.
- Tether retained absolute dominance of the sector with a lending portfolio of $15.8 billion and 68% of the market share.
- Platforms Galaxy Digital and Ledn recorded the largest institutional pullbacks, contracting by 21% and 19% respectively.
During the first quarter of the year, the crypto lending market recorded a pullback in its global volumes. The contraction of the period cuts a consecutive expansion streak observed by sector analysts since late 2024.
In this regard, Cryptoquant’s analysis reveals that total credit books on CeFi platforms fell by 6% compared to the immediately preceding quarter. The data collected by the entity indicates that global volume stood at $23.3 billion at the close of the first quarter of this year.
CeFi lending had its first contraction since Q3 2024, down 6% QoQ to $ 23.3B.
Tether still owns 68% of the market despite a 7% pullback. Nexo, Maple, and Coinbase were the only lenders that actually grew.
Galaxy (-21%) and Ledn (-19%) took the brunt of the deleverage. pic.twitter.com/qGqfGr5Y11
— CryptoQuant.com (@cryptoquant_com) July 1, 2026
The report’s readings point out that the decline responds to a more cautious borrowing environment triggered by the generalized weakening of major digital asset prices. The financial analysis firm projects that this behavior reflects a controlled deleveraging of institutional users’ portfolios rather than a systemic liquidity shock in the markets.
Institutional reconfiguration and market shares
Despite a nominal reduction in its operating balance, the issuing company Tether consolidated itself as the undisputed leader of the segment. The firm maintained a credit portfolio valued at $15.8 billion, which is equivalent to controlling 68% of all CeFi lending activity recorded worldwide. The Cryptoquant report indicates that Tether’s loan portfolio experienced a net decrease of 7% during the three months evaluated.
Other financial corporations in the sector showed mixed behaviors that reconfigured relative market shares at the start of the year. Maple Finance placed second globally with $2.1 billion in structured loans and a 9% share. Nexo occupied third place, managing $1.8 billion, equivalent to 8% of the corporate pie.
For their part, the US platform Coinbase and crypto investment bank Galaxy Digital tied with an approximate share of 6% each. The Bitcoin-specialized lender, Ledn, closed the list of top players by capturing 3% of the remaining volume.
According to Cryptoquant’s observations, firms Galaxy Digital and Ledn suffered the most drastic drops within the leading group. Galaxy’s financial books contracted 21% quarterly, while Ledn‘s accounting records lost 19% of their size. In contrast, companies Maple Finance and Coinbase managed to swim against the market current by expanding their respective balances by 6% over the same period.
Upcoming sector liquidity indicators
The operational development of institutionalized lending desks during the second half of the year will depend directly on second-quarter corporate balances. The audited financial reports corresponding to the period that culminated on June 30, 2026, will serve as the next verifiable milestone to measure risk appetite and the level of leverage that large investment firms are willing to assume in this environment.
Be the first to comment