Core Insights - Tether has made a strategic investment in Ledn, a prominent provider of Bitcoin-backed loans, indicating a deeper involvement in the crypto-backed credit markets [1][7] - The crypto lending sector is experiencing a resurgence, with loan originations surpassing $1 billion in 2025, marking a significant recovery from the downturn of 2022-2023 [1][2] Company Insights - Ledn has originated over $2.8 billion in Bitcoin-backed loans since its inception, with more than $1 billion issued in 2025 alone, making it the strongest year on record [2] - Ledn's annual recurring revenue has exceeded $100 million, reflecting increasing demand from both retail and institutional borrowers [3] - The company's loan book is projected to nearly triple from 2024 levels, driven by rising demand for Bitcoin financial services [6] Industry Insights - The broader crypto-collateralized credit market is expected to grow from $7.8 billion in 2024 to over $60 billion by 2033, with the sector currently valued at $65.87 billion [5] - The recovery of the industry is attributed to improved risk management practices following the failures of several lenders during the last bear market [5] - Ledn's focus on Bitcoin-backed products aligns with the industry's shift towards safer lending structures [6]