Tether, the world’s largest player in the digital asset sector, has taken a deeper step into crypto-backed credit markets with a new investment in Ledn, one of the most established providers of Bitcoin-backed loans. The move comes during a renewed wave of activity across the lending sector, which has already surpassed $1 billion in loan originations this year and is now showing signs of a broader comeback after the severe collapse of 2022–2023. Ledn Crosses $2.8B in Bitcoin Loans as Crypto Lending Market Rebounds Ledn has originated more than $2.8 billion in Bitcoin-backed loans since launch, cementing its position as a major lender in the crypto credit market.
The company has already issued over $1 billion in 2025 alone, its strongest year on record, and nearly equaled its entire 2024 lending volume in the latest quarter with $392 million in Q3. Its annual recurring revenue now exceeds $100 million, showing growing demand from both retail and institutional borrowers seeking liquidity without selling their Bitcoin. Tether said the investment reflects its long-term vision of building financial infrastructure that allows users to unlock credit while continuing to hold their digital assets.
Chief Executive Paolo Ardoino said the partnership strengthens the role of digital assets in real-world finance and supports self-custody models that many crypto users rely on. Ledn’s platform includes custodial safeguards, risk controls, and liquidation systems designed to protect users’ collateral throughout the life of each loan. The investment arrives as the Bitcoin-backed lending market begins to expand again. According to DataIntelo’s outlook, the broader crypto-collateralized credit segment is forecast to grow from $7.8 billion in 2024 to more than $60 billion by 2033. The sector already reached $90 billion in October and is currently at $65.87 billion.