CryptoQuant: CeFi lending market size decreased by 6% QoQ in Q1, the first contraction since Q3 2024.

Mars Finance News, according to CryptoQuant data, in Q1 2026, the total loan volume of the CeFi credit market decreased by 6% quarter-over-quarter to $23.3 billion, marking the first industry-wide contraction since Q3 2024. The decline in loan volume is due to crypto users reducing leverage in a bear market. Tether remains the largest lender with a loan volume of $15.8 billion and a market share of 68%, followed by Maple Finance ($2.1 billion, 9%) and Nexo ($1.8 billion, 8%). Market share is shifting to Maple, Nexo, and Coinbase, with the three increasing by 1.0, 0.5, and 0.7 percentage points respectively in the quarter. Coinbase and Maple saw a quarter-over-quarter growth of about 6% in loan volume, while Nexo recorded nearly 1% growth, making them the only three major lenders to grow. The loan volumes of all other institutions contracted, with Galaxy Digital (-21%) and Ledn (-19%) leading the declines, and Tether's loan volume decreased by 7%.
NEXO7.52%
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