Tether as a global issuer: investing in crypto lender Ledn redefines expansion strategy

The leader in the stablecoin market, Tether, demonstrated an ambitious move by investing between $40 million and $50 million in Ledn — a platform specializing in providing loans in stablecoins and fiat currencies collateralized by Bitcoin. The transaction, completed in November, valued the crypto lender at $500 million and highlighted the USDT issuer’s commitment to diversifying its investment portfolio. According to sources close to the deal, Tether did not disclose financing details at the time of the strategic partnership announcement; however, the full investment amount and company valuation are now confirmed.

Expansion on All Fronts: From Crypto Finance to the Real Economy

The investment in Ledn fits into a broader context of Tether’s aggressive corporate expansion under the leadership of CEO Paolo Ardoino, who took office in 2023. Over the past years, the stablecoin issuer has transformed from a niche financial operator into a diversified investor in the real sector. The company acquired a controlling stake in agricultural producer Adecoagro, which operates sugar mills, rice plantations, and renewable energy facilities in Brazil, Argentina, and Uruguay. Simultaneously, Tether invested over 10 percent in Italian football club Juventus, although its attempt to acquire a 65.4 percent controlling stake from major shareholder Exor was rejected in December of last year.

Ledn: Bitcoin-Based Financial Instruments

The target company Ledn, registered in the Cayman Islands, specializes in providing crypto-financial services to individual and institutional investors. The platform allows clients to earn income from digital assets, borrow funds collateralized by cryptocurrencies, and manage their portfolios. In May 2025, the company announced a strategic shift to a model focused exclusively on Bitcoin, simplifying its offerings and minimizing risks associated with managing client asset portfolios. Tether’s investment grants it a stake in the rapidly growing segment of crypto lending, where demand for loans collateralized by digital assets is increasing alongside institutional recognition of Bitcoin.

From Treasury Bonds to Direct Asset Accumulation

Tether’s financial capabilities are based on income from investments in US Treasury bonds, which back its flagship stablecoin USDT — one of the most liquid financial instruments in the digital asset market. In October 2025, the company reported a net profit of $10 billion for the first nine months of the year, underscoring its financial strength. However, the USDT issuer’s strategic focus has shifted toward direct Bitcoin accumulation. In early 2026, Tether added 8,888.88 BTC to its reserves, worth approximately $780 million at the current rate, as part of the profit distribution from the fourth quarter of the previous year. This policy, introduced in 2023, allocates up to 15 percent of realized quarterly operating profit to Bitcoin, making Tether one of the largest corporate holders of digital currency.

Strategy Evolution: From Speculation to Systematic Accumulation

Tether’s transformation from a speculative buyer to a systematic asset accumulator reflects deeper changes in the company’s management philosophy. As the leading stablecoin, whose USDT token ranks first by market capitalization among all dollar-pegged digital assets, it actively constructs its ecosystem through strategic investments. The investment in Ledn complements a portfolio that includes both the crypto-financial segment and core sectors of the real economy. The operation was facilitated by the investment advisory firm FT Partners, which served as Ledn’s financial advisor.

Expanding the Issuer’s Authority in the Crypto Economy

Tether’s position as the primary issuer of the global cryptocurrency system provides it with unique opportunities to implement large-scale investment strategies. Control over a stablecoin with trillion-dollar turnover transforms the company into a powerful financial actor whose decisions influence the entire digital asset ecosystem. The investment in Ledn demonstrates the USDT issuer’s readiness to participate not only in accumulating volatile assets but also in financing infrastructure that enhances the functionality of cryptocurrencies as lending and asset management tools.

As of early February 2026, Bitcoin’s price hovers around $78,000 per coin, reflecting the ongoing strengthening of digital currency positions in global financial markets. In this context, Tether’s strategic investments appear as a logical continuation of its long-term course to position itself centrally within the transforming financial system.