Tether Expands into Commodities with First Successful Crude Oil Transactioн
Tether has successfully completed its first crude oil transaction in the Middle East, marking a pivotal move into the commodities trading sector.
This step underscores the company’s broader plans to expand beyond digital currencies and into commodity markets as part of its growth strategy.
In October, Tether’s investment arm facilitated a physical crude oil trade using USDT. The transaction involved 670,000 barrels of Middle Eastern oil valued at $45 million, exchanged between a major oil company and a prominent commodity trader.
According to Tether’s CEO, Paolo Ardoino, this deal represents the beginning of the company’s efforts to support various industries and commodities, aiming to improve market efficiency and inclusivity. Ardoino emphasized that USDT’s ability to streamline transactions is helping eliminate slow and expensive traditional payment methods in sectors like oil trading.
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Tether’s new Trade Finance division, launched earlier this year, aims to provide capital solutions to the $10 trillion trade finance industry. While operating independently of the USDT reserves, this division leverages Tether’s strong financial standing.
This development comes at a time when Tether is also assisting law enforcement in recovering stolen assets. Recently, Tether collaborated with Canadian authorities to help recover stolen crypto valued at approximately $7,188 CAD, reinforcing the company’s commitment to fighting financial crime and supporting law enforcement globally.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
