Tether and Fasanara Capital launched StableFund, also called the Tether-Fasanara Lending Fund, on Sept. 9, 2026, with $400 million in combined sponsor capital and plans to raise up to $3 billion from institutional investors. London-based Fasanara, which manages more than $6 billion, will manage a portfolio of short-duration, asset-backed loans for small and medium-sized businesses, consumers, trade receivables and supply-chain financing across a fintech network in more than 60 countries. Tether will act as co-sponsor, originator and adviser, sourcing USDT-linked opportunities and providing settlement, treasury and on- and off-ramp infrastructure. The fund expands Tether's credit activities beyond centralized crypto lending, where Galaxy Research estimated it held about 60% of a $23 billion market, or roughly $13.5 billion in outstanding secured loans, at the end of June. Its launch comes as private-credit investors face rising defaults, redemption pressure and regulatory scrutiny of liquidity, leverage and borrower quality. The sponsors have not disclosed the division of the $400 million commitment, leverage, fees, redemption terms, or how losses would be allocated between sponsors and third-party investors.