Tether and Fasanara Capital Launch $400 Million Private Credit Fund

Tether and London‑based asset manager Fasanara Capital announced the creation of an evergreen private credit fund called StableFund. The fund is initially capitalised with $400 million contributed by the two firms and seeks to raise as much as $3 billion from institutional investors.

Fund structure and purpose

StableFund will employ Tether’s USD‑denominated stablecoin (USDT) as the settlement layer for short‑duration, asset‑backed loans to businesses and consumers. The lending will be routed through fintech platforms operating in more than 60 countries.

Roles of the partners

• Fasanara Capital will manage the fund’s investment portfolio and allocate capital through its network of fintech lenders.
• Tether will source financing opportunities linked to USDT and provide the on‑ and off‑chain infrastructure needed for fund movements.

Targeted lending segments

The fund will focus on small and medium‑sized enterprises and consumer credit, including trade receivables and supply‑chain finance.

Background on Tether

Tether reported a net operating profit of about $1.5 billion in the most recent quarter, driven largely by its US Treasury and repo holdings. At the end of June, the company disclosed $187.8 billion in assets and a $4.11 billion reserve buffer. Beyond its stablecoin operations, Tether has made several strategic investments, such as a $20 million stake in Argentine neobank Ualá, investments in Mercado Bitcoin and Italian football club Juventus, and a $50 million lead in a funding round for AI sleep‑technology firm Eight Sleep.