TL;DR
- Tether and Fasanara Capital launched a $400 million private credit fund that will deploy capital through fintech lenders.
- StableFund will use USDT infrastructure for cross-border settlement, currency conversion and treasury transfers.
- The companies have not disclosed how sponsor contributions split or where the fund will deploy its capital first.
Tether and Fasanara Capital launched a $400 million private credit fund on September 9, taking the stablecoin company deeper into lending outside public markets. The partners aim to attract as much as $3 billion from institutional investors.
The fund will finance businesses and consumers through fintech lenders operating in more than 60 countries. Tether will help find opportunities linked to its USDT stablecoin and provide the payment infrastructure. Fasanara will manage the investments and decide how to deploy the capital.
Fasanara will control the lending strategy
The companies call the vehicle StableFund, an evergreen fund that can keep investing and accepting capital without a fixed closing date. London-based Fasanara will serve as the investment manager and says it manages more than $6 billion.
The manager plans to use the new fund for short-duration, asset-backed credit. These are loans designed to mature relatively quickly and supported by assets or expected payments. The underlying financing may include business loans, consumer credit, trade receivables and supply-chain finance.
Fasanara’s role also defines a key boundary around Tether’s move into private credit. Lenders negotiate these loans privately instead of selling bonds in public markets. Tether will act as a co-sponsor, originator and adviser. It will not manage the fund or make every loan directly to the final borrower.
Instead, fintech platforms in Fasanara’s network will connect the capital with businesses and consumers. The announcement says the strategy will focus partly on borrowers that conventional funding channels do not serve well.
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USDT will move money through the lending network
USDT aims to track the US dollar and can move across several blockchain networks. StableFund plans to use that infrastructure for cross-border settlement, currency conversion and treasury transfers.
Tether will also provide links that allow money to move between bank currencies and stablecoins.
The companies have not explained whether borrowers will receive loans denominated in USDT or must repay in the stablecoin. USDT may instead operate mainly as the settlement rail used to transfer capital between institutions and lending platforms.
That missing detail affects how borrowers and investors understand currency and payment risk. Faster settlement can reduce delays, but it does not remove the chance that a borrower defaults or that collateral loses value.
The fund is separate from USDT’s backing reserves
Tether Holdings runs several distinct business lines beyond stablecoin issuance, including bitcoin mining under Tether Power and tokenization services under Hadron.
USDT’s reserves sit in a dedicated pool, mostly US government debt, and undergo regular independent attestation. StableFund draws on corporate capital instead, most likely retained profit or other assets outside that reserve. A default in the fund’s lending book would not, on its own, weaken USDT’s reserve position.
Tether has not disclosed which corporate funds financed its side of the $400 million commitment.
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Where the money goes is still unclear
The companies have not said whether StableFund has originated its first loan, or how the $400 million splits between Tether and Fasanara.
Fasanara’s fintech network spans more than 60 countries, but the announcement says little about where the fund plans to deploy its capital first.
