Active CeFi Platforms as of August 2025
Active CeFi Platforms as of August 2025
Based on recent data from mid-2025, several CeFi (Centralized Finance) platforms remain operational despite past industry shakeouts like the bankruptcies of Celsius, BlockFi, and Voyager. These platforms offer custodial services where users deposit assets to earn yields through lending, with rates typically paid in APY (Annual Percentage Yield). Yields are dynamic, influenced by market conditions, and often higher for stablecoins like USDC due to lower volatility. Below is a summary of key active platforms and their approximate yields for USDC (or similar stablecoins), BTC, ETH, and other assets where available. Note that rates can vary based on tiered accounts, lock-up periods, or native token holdings—always verify on the platform.
| Platform | Description | Yields on USDC/Stablecoins | Yields on BTC | Yields on ETH | Other Assets & Notes |
|---|---|---|---|---|---|
| Nexo | Regulated platform with daily payouts, insurance, and support for 29+ assets. | Up to 16% APY (e.g., USDC, USDT). | 5-8% APY. | 5-8% APY. | DOT up to 15%, AVAX 17%, MATIC 20%; higher with NEXO token. |
| Ledn | Focuses on BTC-backed lending, transparent, with Growth Accounts for earning. | Competitive (e.g., USDC, USDT ~4-8%). | ~5% APY. | ~5% APY. | Primarily BTC-focused; minimum $1,000 for loans. |
| Crypto.com | Integrated ecosystem with earn products; weekly payouts. | Up to 12% APY (e.g., USDC, TUSD, PAX). | ~5% APY. | ~5% APY. | Supports 13+ assets; reduced rates without CRO staking. |
| YouHodler | Offers high LTV loans and earning on deposits; weekly interest. | Up to 12% APY (stablecoins). | ~5% APY. | ~5% APY. | 50+ assets; minimum $100 deposit. |
| SwissBorg | Regulated, uses DeFi for yields; no loans, focus on earning. | ~4% APY. | ~1% APY. | ~5% APY. | SOL fluctuates 1.3-9%; 2x boost with premium (50k BORG). |
| Binance Earn | Part of Binance ecosystem; flexible and locked options. | Competitive (5-10% for stablecoins). | ~5% APY. | ~5% APY. | 30+ assets; varies by term. |
| Arch Lending | Security-focused CeFi lender for high-net-worth users. | 4-12% APR (stablecoins). | Competitive (~4-8%). | Competitive (~4-8%). | BTC, ETH supported. |
| Phemex Savings | Offers fixed APYs; stable and predictable. | 5-10% APY. | ~4-8% APY. | ~4-8% APY. | Major assets. |
| Coinbase | USDC lending with principal guarantee. | 4% APY on USDC. | Not specified. | Not specified. | US-based, waitlist in some states. |
| CoinLoan | Matches lenders/borrowers; term options 30 days-1 year. | Competitive (4-12%). | ~5% APY. | ~5% APY. | Higher with CLT token; 1% origination fee. |
| Wirex | Offers credit lines; earn on deposits. | Up to 10% APY. | ~4-8% APY. | ~4-8% APY. | Borrow at 0-10% APR; WXT token boosts. |
Key Takeaways
- Market Overview: CeFi lending volumes reached $17.78B by Q2 2025, up 15% QoQ, indicating growth. Stablecoins like USDC often yield 4-16%, while volatile assets like BTC/ETH are 1-8% due to risk.
- Risks: No FDIC insurance; platform failure possible (e.g., past bankruptcies). Check for insurance, regulation, and taxes.
- Alternatives: DeFi (e.g., Aave) offers higher yields but more risk; CeFi prioritizes ease/security.
- Rates are approximate from July-August 2025 data; they fluctuate—DYOR and confirm on platforms.
Tiers and Rates Table
| Tier | NEXO % | USDT Rate | BTC Rate | Earn-in-NEXO Bonus |
|---|---|---|---|---|
| Base | 0% | 9.00% | 3.00% | 0% |
| Silver | 1% | 9.25% | 3.25% | +0.25% |
| Gold | 5% | 10.00% | 3.50% | +1.00% → 11.00% USDT / 4.50% BTC |
| Platinum | 10% | 11.00% | 4.00% | +2.00% → 13.00% USDT / 6.00% BTC |
Theory
We are going to compare Nexo return to TBill investments assuming $r=5\%$ return.
For an asset $i$ with weight $w_i$, drift and volatility $\mu_i, \sigma_i$ and nexo reward rate $r_i$, the portfolio expected return is: $$ \mu = w_1 (\mu_1 + r_1) + w_2 (\mu_2 + r_2) $$ Its volatility assuming 0 correlation is given by: $$ \sigma^2 = w_1^2 \sigma_1^2 + w_2^2 \sigma_2^2 $$
Assumptions by Asset
Our assumptions concerning the nexo token are conservatively assuming it is exposed to crypto and does not generally appreciate over a horizon of 1-2 year.
| Asset | $\mu_i$ (price drift) | $\sigma_i$ (price vol) | $ r_i $ (earn rate, base) | Sharpe$_i$ = $(\mu_i - r)/\sigma_i$ |
|---|---|---|---|---|
| NEXO | 0% | 60% | 4% | -0.017 (negative) |
| USDT | 0% | 0% | 9% to 13% | -∞ |
| BTC | 40% | 60% | 3% to 6% | 0.583 |
Results by Tier
(All values annualized; $r = 5\%$ risk-free rate)
| Tier | w1_NEXO | USDT μ | USDT σ | USDT Sharpe | BTC μ | BTC σ | BTC Sharpe |
|---|---|---|---|---|---|---|---|
| Base | 0% | 0.0900 | 0.0000 | ∞ | 0.4300 | 0.6000 | 0.6333 |
| Silver | 1% | 0.0920 | 0.0060 | 6.9958 | 0.4286 | 0.5940 | 0.6373 |
| Gold | 5% | 0.1065 | 0.0300 | 1.8833 | 0.4247 | 0.5708 | 0.6565 |
| Platinum | 10% | 0.1210 | 0.0600 | 1.1833 | 0.4180 | 0.5433 | 0.6773 |
All carry full daily Nexo counterparty risk (not in Sharpe).
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