Tether Investments Division Finances $45M Crude Oil Trade in Middle East with USDT
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Tether funded its first crude oil transaction using USDT, marking its expansion into trade finance. The transaction was part of Tether's strategy to facilitate global trading with a stable coin.
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Tether Investments announced in a press release that it has completed the first Middle East crude oil transaction in October 2024, financing a $45 million deal between a major oil company and a commodity trader.
The transaction involved 670,000 barrels of crude oil and will expand Tether Trade Finance's $10 trillion trade finance industry, launched earlier this year.
As detailed in its Q3 2024 quarterly confirmation, the financing will be separate from Tether's stablecoin inventory and will use the company's profits.
Tether CEO Paolo Arduino said: “Tether's investment in financing for this important crude oil transaction underscores our commitment to shaping the trade finance landscape.”
The trade finance division aims to provide capital solutions to facilitate global trade flows using the USDT stablecoin.
“With USDT, we are increasing efficiency and speed in markets that once relied on slow and expensive payments. This marks the beginning as we seek to support more commodities and drive inclusion in global finance,” Arduino added.
The company plans to expand its lending operations in financial, technology, agriculture and asset-backed sectors using blockchain networks for transparency and compliance requirements.
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