CeFi borrows hit $27.56B in Q4 2025, up 11.66% QoQ ($2.88B) and 282% from the Q4 2023 trough of $7.21B. This marks the eighth straight quarter of growth. Tether is the dominant lender, commanding a 61.84% share (up 267 basis points from last quarter) of the CeFi lending market. (unfolded.)