Tether invests in Ledn to expand bitcoin-backed lending, backing a platform that’s originated $2.8B in loans and now exceeds $100M in annual recurring revenue.

Tether, issuer of the USDT stablecoin, has made a strategic equity investment in Ledn, a consumer-focused bitcoin-backed lending platform that has originated over $2.8 billion in bitcoin-collateralized loans since inception and now reports more than $100 million in annual recurring revenue (ARR). The deal, announced on November 18, 2025, aligns the largest stablecoin issuer with one of the leading providers of bitcoin-backed credit products, aiming to expand access to dollar liquidity without requiring users to sell their bitcoin holdings. Legal and advisory disclosures indicate the transaction closed around November 14, 2025, with FT Partners serving as Ledn’s exclusive financial advisor. According to Tether and Ledn, the partnership is intended to integrate USDT (USD₮) more deeply into Ledn’s lending stack, streamlining stablecoin-based loan disbursements, repayments, and trading for both retail and institutional clients across more than 100 countries. Ledn specializes in fully-collateralized, bitcoin-only loans, uses third-party custodians, and publishes recurring Proof-of-Reserves reports, positioning itself as a conservative alternative in a sector that has seen multiple failures among crypto lenders. Tether frames the investment as part of a broader strategy to build “real-world financial infrastructure” around its stablecoins, including future opportunities to distribute its U.S.-issued, fully regulated dollar stablecoin USA₮ via Ledn’s platform. The move matters for both the stablecoin and crypto credit markets. For Tether, deeper access to Ledn’s base of BTC borrowers could reinforce USDT’s role as the primary settlement asset in bitcoin-backed lending and potentially support new credit products backed by BTC collateral. For Ledn, backing from the industry’s largest stablecoin issuer offers additional capital, brand validation after the collapse of several competitors, and a stronger position to scale bitcoin-backed loans globally in jurisdictions where access to dollar liquidity and traditional banking remains limited. Public commentary from Tether CEO Paolo Ardoino and Ledn co-founder Mauricio Di Bartolomeo emphasizes long-term “bitcoin-first” lending, wealth preservation, and financial resilience as the core themes of the tie-up. "entities":["Tether","Tether Holdings Limited","USDT","USD₮","USA₮","Ledn","21 Technologies Inc.","Bitcoin (BTC)","Paolo Ardoino","Mauricio Di Bartolomeo","Adam Reeds","FT Partners","McCarthy Tétrault LLP"]}}

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