Tether and London-based asset manager Fasanara have jointly seeded a $400 million evergreen private credit fund, with ambitions to scale to $3 billion in outside institutional capital. Fasanara handles investment management while Tether originates deals tied to USDT and manages settlement, embedding the world's largest stablecoin issuer directly into private credit origination at institutional scale.
For Armada's crypto repo desk, this fund represents a well-capitalized new entrant originating USDT-denominated credit to institutional counterparties, some of whom overlap with Armada's target client base of hedge funds, family offices, and market makers. Understanding where USDT-linked credit terms sit relative to Armada's BTC and ETH-collateralized repo rates is now a competitive intelligence priority.