Ledn has originated more than $1 billion in loans in 2025, pushing annual recurring revenue above $100 million. Tether has made a strategic investment in bitcoin-backed lending platform Ledn — a move aimed at expanding individual and business access to credit without requiring borrowers to sell their digital assets. Ledn operates a custody, risk management, and liquidation system designed to keep client assets secure throughout the life of each loan. The company has originated more than $2.8 billion in bitcoin-backed loans since its founding, including over $1 billion so far this year. In the third quarter alone, Ledn originated a record $392 million in loans, nearly matching its entire 2024 volume, and reported more than $100 million in annual recurring revenue — underscoring growing demand for bitcoin-backed lending products. By enabling borrowers to use bitcoin as collateral rather than sell it, the firms say they are opening new pathways for wealth preservation, financial resilience, and additional use cases. "This approach strengthens self-custody and financial resilience, while creating real-world use cases that reinforce the long-term role of digital assets as essential pillars of a more inclusive global financial system," Tether CEO Paolo Ardoino said in a statement shared with The Block, without disclosing the size and further details of the investment.
Ledn has originated more than $2.8 billion in bitcoin-backed loans since its founding, including over $1 billion so far this year. In the third quarter, Ledn originated a record $392 million in loans, nearly matching its entire 2024 volume, and more than $100 million in ARR, underscoring growing demand for bitcoin-backed lending products.
The collaboration is framed as expanding access to credit secured by digital assets, rather than requiring sale of assets, which the companies say supports wealth preservation and financial resilience. Tether positions the investment as part of building real-world financial infrastructure to empower individuals and businesses to access credit with self-custody intact.
“This investment brings together two market leaders to shape the future of the bitcoin-backed lending market,” Ledn’s co-founder and CEO Adam Reeds commented on the development. “As Ledn’s loan book is on track to nearly triple from our 2024 levels, it validates our decision to go all-in on bitcoin.”
Context: Ledn’s platform has been characterized by custody, risk management, and liquidation mechanisms designed to safeguard assets throughout loan life, while enabling borrowers to use bitcoin as collateral rather than liquidate holdings. The investment follows broader industry interest in scalable crypto-backed lending solutions and real-world use cases for digital assets.
Author’s note: This rewrite preserves the factual statements and quotes from the original text while delivering a clean HTML5 structure and an author summary as requested.
Author summary: Tether backs Ledn to broaden access to BTC-backed credit, reflecting growing demand for asset-backed lending without selling crypto holdings.
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