According to online reports, Galaxy Digital pointed out in its crypto lending market report that with the bankruptcy of some centralized lending institutions, stablecoin issuer Tether is filling the market gap and becoming the dominant player, and its current share of the crypto lending market has reached 73%. Data shows that Tether's reserves include a guaranteed loan balance of up to US$8.2 billion. Currently, the top three centralized lending platforms are Tether, Galaxy and Ledn, which together account for 88.6% of the centralized finance (CeFi) market. Galaxy also pointed out that traditional financial players are also entering the crypto lending market, including Cantor Fitzgerald of current U.S. Commerce Secretary Howard Lutnick, which has announced an initial financing of $2 billion to start its crypto lending business.