Tether Facilitates $45 Million Oil Deal

Tether’s investment arm has financed a crude oil supply deal worth $45 million in USDT, according to a press release.

The transaction, involving a total of 670,000 barrels, was conducted back in October by an unnamed “major” Middle Eastern oil firm and a commodity trader.

The intermediary was Tether Trade Finance, a division of Tether Investments, which is separate from the stablecoin’s reserves and uses the parent company’s capital.

“With USDT, we bring efficiency and speed to markets that have historically relied on slower and more costly payment structures. This deal marks the beginning as we aim to support a broader range of commodities and industries, fostering greater inclusivity and innovation in global finance,” stated Tether CEO Paolo Ardoino.

While this transaction is “the first of its kind,” it opens up new lending opportunities in various directions, the company emphasized.

News of Tether’s plans to enter the commodities markets first emerged in October. In June, Ardoino announced an intention to allocate over $1 billion for distribution among startups from “hundreds of venture proposals.”

In the third quarter, the USDT issuer reported a net profit of $2.5 billion. Since the beginning of the year, the figure has reached $7.7 billion.