Tether, Fasanara launch $400M StableFund

Tether and Fasanara Capital launched StableFund on Sept. 9, an evergreen private credit vehicle anchored by $400 million in co-investment from both sponsors. The fund is structured to direct institutional capital toward small and medium-sized businesses through lending flows that use USD₮ settlement infrastructure.

The primary announcement sets a third-party institutional capital target of $3 billion — 7.5 times the sponsors’ $400 million anchor.

Fasanara will act as Investment Manager, deploying capital through its global fintech lending network into short-duration, asset-backed credit strategies: SME loans, consumer credit, trade receivables, and supply-chain finance. The London-based firm manages more than $6 billion in assets under management, per Tether’s figures, and originates across more than 60 countries through partnerships with fintech lenders.

Tether’s role is structured differently. It serves as co-sponsor, Originator, and Advisor — sourcing USD₮-linked financing opportunities and providing stablecoin settlement infrastructure. Fasanara will manage the investments and deploy the capital; Tether sources USD₮-linked financing opportunities and provides the USD₮ rails that extend the reach of credit across those lending flows.

Tether CEO Paolo Ardoino said in the announcement: “USD₮ was built to be money that works everywhere, across borders, around the clock, without friction. Through this fund, Tether is playing the role it is best positioned to play, sourcing USD₮-linked financing opportunities and providing the stablecoin infrastructure that enables seamless cross-border lending. Together with Fasanara, we are turning Tether’s origination network into a direct channel for capital to flow to the businesses and communities that need it most.”

Fasanara Capital CEO Francesco Filia framed the combination in the announcement: “We have spent years building the proprietary technology, the origination relationships, and the underwriting discipline to direct institutional capital to borrowers that traditional finance systematically underserves. Tether brings something unique to that equation: the largest stablecoin network in the world, a crypto-native investor base with significant capital capacity, and USD₮ rails that extend the reach of credit beyond anything conventional funding structures can achieve. Together, we are improving how capital is deployed into real-economy lending markets and enabling more efficient cross-border credit flows.”

The announcement positions StableFund inside a private-credit market it values at roughly $3 trillion globally today, projected to reach $5 trillion by 2029. It also cites a $5.7 trillion financing gap for SMEs.