Tether and Fasanara Launch $400 Million Evergreen Private Credit Fund

Tether and London‑based Fasanara Capital announced the creation of an evergreen private credit vehicle, the StableFund (formally the Tether‑Fasanara Lending Fund), with an initial $400 million contributed by the two sponsors. The fund seeks to attract up to $3 billion from third‑party institutions.

Fund Structure and Roles

Fasanara Capital serves as the investment manager, deploying capital across its fintech lending network that focuses on small‑business receivables and consumer credit. Tether acts as co‑sponsor, originator and adviser, sourcing USDT‑linked loan opportunities and providing stablecoin settlement for the credit strategy.

Target Market

The fund’s first focus is lending to small and medium‑sized enterprises, which the sponsors cite as facing a large global financing gap. By using USDT as the settlement rail, the sponsors aim to extend credit access beyond traditional funding structures.

USDT Context

USDT’s circulating supply stands at $183.4 billion, significantly larger than the $74.3 billion supply of USDC, according to DefiLlama data. Tether has been positioning USDT for credit use, including serving as loan collateral for banks such as Sberbank.

Quotes from Sponsors

Paolo Ardoino, CEO of Tether, said the stablecoin is “money that works everywhere, across borders, around the clock, without friction.” Francesco Filia, CEO of Fasanara Capital, highlighted Tether’s stablecoin network and crypto‑native investor base as unique advantages for the credit strategy.