Tether and Fasanara Capital have launched StableFund, a private credit fund anchored by $400 million that uses USDT to settle business and consumer loans through fintech lenders in more than 60 countries. CoinMarketCap reported the launch on September 10, 2026, citing the two firms. The structure puts the largest stablecoin issuer into the plumbing of everyday lending, where dollars have to reach a borrower and come back on a schedule.
Fasanara Capital is a London-based asset manager with a long track record in fintech lending and receivables financing. Pairing that credit expertise with Tether's settlement network is the core of the deal: Fasanara underwrites and manages the loan book, and USDT is the medium that moves capital to lending partners and collects repayments.
The mechanics of a stablecoin credit fund
Private credit funds pool investor capital and lend it out, usually to businesses or through intermediaries that originate loans. StableFund follows that model but replaces bank wires with USDT for the movement of money. When a fintech in one country needs capital to fund loans to its customers, the fund can settle in USDT rather than routing dollars through correspondent banks.
That distinction matters most in the parts of the world where correspondent banking is slow or expensive. A lender in Southeast Asia or Latin America waiting several days for a dollar transfer to clear has idle capital. Settling the same amount in USDT compresses that wait to minutes and sidesteps a chain of intermediary banks that each take a cut. The $400 million anchor gives the fund enough size to matter to the fintechs it works with.
Repayment runs the same rails in reverse. Borrowers repay their local fintech, the fintech settles back to the fund in USDT, and the capital recycles into new loans. For a credit fund, the speed of that cycle is directly tied to returns, since money sitting in transit earns nothing.
Tether's push beyond issuing
Issuing USDT is a highly profitable business. Tether holds reserves, largely in US Treasuries, and keeps the yield. StableFund points to a second ambition: putting USDT to work as the settlement layer for real economic activity, not only as a trading pair or a way to park value between trades.
That fits a broader pattern this year of stablecoins moving into lending and commercial finance. Uzbekistan started a som stablecoin payment pilot with local merchants, and Pencil Finance funded 1,000 student loans entirely on-chain. StableFund is a larger, institutionally backed version of the same idea, with a regulated asset manager underwriting the book.
There is a concentration point worth naming. When the settlement asset, the yield on reserves, and now a credit fund all trace back to one issuer, the counterparty exposure for participating lenders is heavily weighted toward Tether. A disruption to USDT redemption or a freeze on specific addresses would hit the loan cycle directly. That risk is the trade-off for the speed the structure delivers.
The reach into 60-plus countries
The 60-plus country figure is the part that separates this from a domestic credit product. Fintech lending is fragmented by regulation, currency, and banking access, and dollar liquidity is the common bottleneck across most emerging markets. A fund that can deliver dollar-denominated capital in USDT to a lender in Nigeria, the Philippines, or Argentina without waiting on a bank in New York is solving a real distribution problem.
For borrowers, the settlement asset is mostly invisible. A small business taking a working-capital loan from a local fintech does not need to hold or understand USDT; it borrows and repays in local currency, and the stablecoin does its work upstream. The consumer-facing layer stays familiar while the capital behind it moves on-chain.
The same rails increasingly show up in consumer products. Cards that spend directly from stablecoin balances rely on the same USDT liquidity that a fund like this circulates, which is why the growth of institutional stablecoin credit and the growth of stablecoin spending tend to move together.
Overview
Tether and Fasanara Capital launched StableFund, a $400 million private credit fund that uses USDT to settle business and consumer loans through fintechs in more than 60 countries, per CoinMarketCap on September 10, 2026. Fasanara manages the credit book; USDT is the settlement medium. The design targets the slow, costly dollar transfers that constrain fintech lending in emerging markets, and it extends Tether's role from issuer to a settlement layer for real lending. The main trade-off is concentration: speed comes with heavy exposure to a single stablecoin issuer across the entire loan cycle.
