Bitcoin (BTC)-Backed Loan Business Lures Tether
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The stablecoin issuer’s investment comes as BTC-backed lending scales rapidly, with Ledn surpassing $1 billion in originations this year and positioning for global expansion.
By Jamie Crawley, AI Boost|Edited by Stephen Alpher
Nov 18, 2025, 1:05 p.m.
- Tether has made a strategic investment in bitcoin-backed lender Ledn to expand access to credit secured by BTC.
- Ledn has originated more than $2.8 billion in BTC-backed loans to date, including over $1 billion in 2025 alone.
- The crypto-backed lending market is forecast to grow nearly eightfold by 2033, driven by demand for liquidity without selling digital assets.
Tether has made a strategic investment in Ledn, one of the foremost providers of bitcoin-backed consumer loans, in a move aimed at expanding access to credit secured by digital assets, the firm said in an emailed announcement on Tuesday.
The size of the investment has not been disclosed. Tether declined to provide further details when contacted by CoinDesk.
STORY CONTINUES BELOW
The investment forms part of Tether’s push to support real-world financial services built on digital asset rails. Bitcoin-backed lending allows users to access liquidity without selling BTC to unlock short-term capital.
Ledn was the survivor of a rout of the crypto-backed lending sector in 2022, which saw the likes of BlockFi, Voyager, Celsius and Genesis collapse.
The Cayman Islands-registered company has streamlined its service, following a bitcoin-only model to simplify its offering and sharpen its focus.
Ledn, which has originated over $2.8 billion in BTC-backed loans since launch, is on track for its strongest year yet. More than $1 billion in loans have been issued in 2025, including $392 million in Q3, nearly matching the firm’s entire 2024 volume.
Tether CEO Paolo Ardoino said the investment reflects a commitment to financial empowerment through self-custodial credit.
AI Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.
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