Tether, Fasanara launch $400M private credit fund targeting $3B

Tether and London-based asset manager Fasanara Capital announced the launch of StableFund, an evergreen private credit vehicle seeded with $400 million from the two firms and targeting up to $3 billion in institutional commitments. The fund will employ Tether’s USDT settlement infrastructure to support short-duration, asset-backed loans originated through fintech platforms operating in over 60 countries.

Fasanara will be responsible for managing the fund’s investment activity and deploying capital through its network of fintech lenders, while Tether will identify USDT-linked financing opportunities and provide the rails for moving capital on- and off-chain. The strategy is focused on lending to small and medium-sized enterprises and consumer borrowers, including trade receivables and supply chain finance products.

Fasanara is a London-based asset manager with more than $6 billion in assets under management and will leverage that platform to source and manage loans. Tether, which has reported significant profitability and large liquidity holdings, supplied the settlement technology and origination support for the new vehicle.

Tether reported about $1.5 billion in net operating profit in the second quarter—largely from US Treasury and repo holdings—and disclosed $187.8 billion in assets with a $4.11 billion reserve buffer at the end of June. The company has also invested outside its core stablecoin business, including a $20 million stake in Argentine neobank Ualá, investments in Mercado Bitcoin and Italian football club Juventus, and leading a $50 million funding round for sleep-tech firm Eight Sleep in March.