Tether and Fasanara Launch Stablecoin Private Credit Fund
Tether and Fasanara Capital have committed $400 million to StableFund, integrating USDT settlement infrastructure with global private credit markets.
Tether is expanding the use of its USDT stablecoin beyond crypto markets and payments with a new push into private credit.
The stablecoin issuer and London-based asset manager Fasanara Capital have jointly launched StableFund, committing $400 million to a vehicle designed to finance short-duration, asset-backed lending opportunities through Fasanara’s global fintech network.
The partners also plan to seek up to $3 billion from third-party institutional investors, according to the September 9 announcement.
StableFund Targets Global Private Credit
Fasanara will serve as StableFund’s investment manager, deploying capital into asset-backed credit strategies. The firm manages more than $6 billion in assets and works with fintech lenders operating across more than 60 countries.
Its network provides exposure to several forms of real-economy financing, including:
- SME loans
- Consumer credit
- Trade receivables
- Supply chain finance
StableFund will be embedded into SME and consumer lending flows across these fintech platforms, giving the vehicle access to financing opportunities in more than 60 countries.
Tether will take a different role as an originator and advisor. The company will source financing opportunities connected to USDT while supplying the stablecoin infrastructure used for settlement.
That infrastructure will include on- and off-ramp connections and treasury rails, designed to facilitate the movement of capital between markets and across borders.
“USDT was built to be money that works everywhere, across borders, around the clock, without friction,” Tether CEO Paolo Ardoino said.
Ardoino said the fund would allow Tether to use its origination network as a channel for directing capital toward businesses and communities, while USDT provides the infrastructure for cross-border lending.
Stablecoins Move Into Real-Economy Lending
The partnership puts stablecoin infrastructure inside a market traditionally dominated by banks, asset managers and specialized lenders.
According to Tether, the global private credit market is currently worth approximately $3 trillion and is projected to reach $5 trillion by 2029. The sector has expanded as investors seek alternative credit opportunities and borrowers look beyond conventional bank financing.
StableFund adds a crypto-linked settlement layer to that model. Rather than using USDT primarily for trading, transfers or payments, the fund will use stablecoin infrastructure to support the movement of institutional capital into underlying lending markets.
“Together, we are improving how capital is deployed into real-economy lending markets and enabling more efficient cross-border credit flows,” Fasanara Capital CEO Francesco Filia said.
The structure does not replace the underlying private credit investments with crypto assets. Fasanara will still deploy capital into short-duration, asset-backed lending strategies, while Tether’s infrastructure is intended to support origination and settlement.
Why StableFund Matters for Stablecoin Adoption
StableFund represents another step in the expansion of stablecoins beyond their original role as dollar-like assets for cryptocurrency markets.
The significance lies in how the technology is being integrated into an established financial activity. USDT will function as settlement infrastructure connecting institutional capital with SME and consumer lending opportunities, rather than simply serving as an asset traded within the crypto ecosystem.
The initial $400 million commitment also gives the initiative meaningful scale from launch. If the partners succeed in attracting additional institutional capital, StableFund could eventually deploy substantially more through Fasanara’s international lending network.
For Tether, the initiative extends its infrastructure further into traditional financial markets. For Fasanara, it introduces stablecoin-based settlement into an existing fintech lending operation spanning dozens of countries.
More broadly, StableFund illustrates a developing use case for stablecoins: not only moving digital dollars between exchanges and wallets, but providing settlement rails for capital flowing through real-world credit markets.
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