According to CoinMeta, Tether and Fasanara Capital have launched a Private credit fund with an initial capital of $400 million, aiming to raise up to $3 billion. The fund targets small and medium-sized enterprises on fintech platforms in over 60 countries around the world, as well as consumer credit services. In June, the excess reserves dropped to $4.1 billion, mainly due to fluctuations in gold and Bitcoin prices and an increase in secured loans. Differences in BDO and audit criteria have also drawn attention. The source of funds for StableFund and its relationship with the reserves of USDT have become core risk points.