According to a press release, Tether's investment arm has completed its first Middle East crude oil trade by financing a $45 million USDT deal between a major oil company and a commodity trader in October 2024.
The deal includes 670000 barrels of crude oil and represents an expansion of Tether's trade finance business, which was launched earlier this year to serve the $10 trillion trade finance industry.
the financing is separate from Tether's Stable Coin Reserve and utilizes the company's profits, as outlined in its Q3 2024 quarterly report.
#Tether Investments' funding of this important oil deal underscores our commitment to changing the trade finance landscape, said Paolo Ardoino, CEO of Tether.
With the #USDT stablecoin, the trade finance sector aims to provide financial solutions to optimize global trade flows.
USDT will increase the efficiency and speed of markets that previously relied on slow and costly settlements. It is the beginning of supporting more commodities and making global finance more inclusive, Ardoyno added.
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