CryptoQuant: CeFi Lending Market Size Fell 6% QoQ in Q1, First Contraction Since Q3 2024

CoinFeed reported on July 2, CryptoQuant data shows that in the first quarter of 2026, the total lending size of the CeFi credit market fell 6% quarter-over-quarter to $23.3 billion, marking the first industry-wide contraction since the third quarter of 2024. The decline in lending size was due to crypto users reducing leverage in a bear market. Tether remained the largest lender with a lending size 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 their shares increasing by 1.0, 0.5 and 0.7 percentage points respectively during the quarter. Coinbase and Maple's lending size grew about 6% quarter-over-quarter, and Nexo recorded a nearly 1% increase, making them the only three major lenders to grow.