Overview
- The size of the investment was not disclosed, and Tether declined to provide additional details.
- Ledn reports over $2.8 billion in lifetime originations, more than $1 billion issued in 2025 including $392 million in Q3, and annual recurring revenue above $100 million.
- Tether CEO Paolo Ardoino framed the move as supporting self-custodial credit, while Ledn CEO Adam Reeds said the backing will help shape the bitcoin-backed lending market.
- Ledn emerged from the 2022 crypto lending shakeout and now operates a streamlined bitcoin-only model as a Cayman Islands–registered firm.
- Reporting on the sector cites projections that crypto-backed credit could surpass $60 billion by 2033.