Tether, the company behind the USDT stablecoin, has started financing oil deals. Recently, its investment team helped fund a $45 million transaction for 670,000 barrels of crude oil from the Middle East. This move shows Tether’s goal to expand beyond just digital currency. By entering the $10 trillion trade finance market, Tether aims to make cross-border payments faster and cheaper, using USDT.
Besides stablecoins, Tether is branching into other areas like Bitcoin mining, artificial intelligence, and venture capital. This means Tether wants to be a big player not only in the crypto world but also in traditional finance. CEO Paolo Ardoino views this oil deal as a first step towards supporting more industries with Tether’s financial solutions.
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