According to Cryptoquant, centralized finance crypto lending fell 6% in Q1 2026 to $23.3 billion, marking the industry's first contraction since Q3 2024. Tether maintained dominance with a $15.8 billion loan book and 68% market share, despite a 7% quarterly decline in its lending portfolio.
Maple Finance ranked second with $2.1 billion in loans and 9% share, followed by Nexo with $1.8 billion and 8%. Coinbase and Galaxy Digital each held about 6%, while Ledn accounted for 3%. Galaxy Digital saw the steepest decline, with its loan book falling 21% quarter over quarter.