Deep Tide TechFlow News, on November 8, according to the official blog, Tether announced that its investment division Tether Trade Finance has completed a physical oil trade financing transaction involving listed oil giants and top commodity traders. This transaction was completed in October 2024, involving the loading and transportation of 670,000 barrels of Middle Eastern crude oil, valued at approximately $45 million, marking Tether Investments' first crude oil transaction in the region.
The trade financing business launched by Tether earlier this year has rapidly expanded, providing convenient capital solutions for the $10 trillion trade finance industry. This business is a subsidiary of Tether Investments and is completely separate from Tether's stablecoin reserves. According to its latest published audit report for the third quarter of 2024, the company has maintained a high level of profitability.
