Tether and Fasanara Launch $400M Private Credit Fund

The structure matters more than the headline number: Tether is not merely allocating reserves, it is building origination and settlement rails for private credit, with Fasanara supplying the asset-management layer. That places a stablecoin issuer directly in the lending pipeline rather than at its edge, blurring the line between reserve manager and credit intermediary. The open question is whether outside institutions follow the sponsors' seed capital, since the $3 billion target depends on third-party conviction, not Tether's balance sheet.