The crypto lending market has surged to nearly $25 billion in outstanding loans by the third quarter, driven by increased transparency from major players like Tether, Nexo, and Galaxy. This marks a 200% growth since early 2024, according to Galaxy Research, though it remains below the Q1 2022 peak of $37 billion. Alex Thorn, Galaxy's head of research, highlighted the shift towards transparency and the emergence of new centralized finance (CeFi) platforms as key changes in the market. Tether leads the CeFi lending market with $14.6 billion in open loans, holding a 60% market share. Nexo and Galaxy follow with $2 billion and $1.8 billion, respectively. The market has seen a shift towards stricter risk controls and full collateralization, especially after the collapse of platforms like FTX and Celsius. Meanwhile, decentralized finance (DeFi) lending has also reached a new high, with $41 billion in outstanding loans, contributing to a combined total of $65.4 billion in crypto-collateralized borrows by the end of the quarter.