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Tether, Fasanara Launch StableFund to Bring USDT Into Private Credit
New vehicle pairs fintech lending network with stablecoin settlement infrastructure
TL;DR
- Tether and Fasanara Capital committed $400 million to StableFund, a private-credit vehicle combining conventional lending with USDT settlement infrastructure.
- Fasanara will manage short-duration, asset-backed credit investments, while Tether will source USDT-linked financing opportunities and provide cross-border settlement rails.
- The strategy will reach SME and consumer lending through fintech platforms operating across more than 60 countries.
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Tether and Fasanara Capital announced StableFund on September 9, 2026, launching a new private-credit vehicle backed by an initial $400 million commitment and designed to use USDT infrastructure to support lending to businesses and consumers through Fasanara’s global fintech network.
The firms are jointly sponsoring StableFund, which is structured as an evergreen private-credit vehicle. They plan to seek as much as $3 billion in additional capital from outside institutional investors. If that full amount were raised in addition to the initial commitment, total commitments associated with the strategy could reach about $3.4 billion, although the additional institutional capital has not been secured.
Fasanara to manage asset-backed credit strategy
Fasanara Capital will serve as StableFund’s investment manager and deploy capital into short-duration, asset-backed credit strategies. The London-based asset manager will use fintech lending platforms operating across more than 60 countries, with the strategy targeting financing for small and medium-sized businesses and consumers.
Fasanara has more than $6 billion in assets under management, with investments spanning SME loans, consumer credit, trade receivables and supply-chain finance. StableFund will use that existing private-credit and fintech lending network while adding stablecoin infrastructure to the movement and settlement of capital.
Fasanara Capital CEO Francesco Filia said the fund is intended to change how capital reaches those lending markets. “We are improving how capital is deployed into real-economy lending markets and enabling more efficient cross-border credit flows,” Filia said.
Tether to source financing and provide USDT settlement rails
Tether will act as an originator and adviser rather than the portfolio manager, sourcing financing opportunities linked to USDT and providing the stablecoin infrastructure used to move funds between counterparties and jurisdictions.
That infrastructure will include on-ramp and off-ramp connections, treasury rails and the ability to convert between traditional currencies and digital dollars. The structure is intended to embed USDT into SME and consumer lending flows while allowing capital to move across borders through stablecoin-based settlement.
Tether CEO Paolo Ardoino said the company intends to use its existing origination network as a channel for lending capital. “We are turning Tether’s origination network into a direct channel for capital to flow to the businesses and communities that need it most,” Ardoino said.
Ardoino also described Tether’s role as focused on financing origination and settlement infrastructure rather than credit management. “Through this fund, Tether is playing the role it is best positioned to play, sourcing USDT-linked financing opportunities and providing the stablecoin infrastructure that enables seamless cross-border lending,” he said.
StableFund therefore pairs Fasanara’s conventional private-credit management with Tether’s stablecoin infrastructure. Fasanara will select and manage the underlying asset-backed credit investments, while Tether will provide USDT-linked origination, treasury movement, fiat conversion and cross-border settlement capabilities.
Private credit adds to Tether’s expansion beyond stablecoins
The fund extends Tether’s activity beyond stablecoin issuance into private credit, adding to investments and expansion involving payments, artificial intelligence, telecommunications and other businesses.
Tether’s ability to pursue those investments has been supported by profits generated from the U.S. Treasury reserves backing USDT. The token was valued at about $145 billion at the time of the announcement and represented more than half of the roughly $300 billion stablecoin market.
USDT is particularly popular in emerging economies, while StableFund’s lending mandate itself spans a broader international fintech network. The vehicle is structured around conventional private-credit assets, with stablecoins serving as the origination and settlement layer rather than replacing Fasanara’s underwriting and investment-management role.
This article has been refined and enhanced by ChatGPT.
