TL;DR
- Tether has completed its first USDT crude oil transaction in the Middle East, financing 670,000 barrels of oil worth $45 million.
- The operation strengthens the company’s role in global trade financing. Its Tether Trade Finance division offers modern and accessible solutions.
- The firm plans to expand the use of USDT into other sectors such as finance, agriculture, and technology, optimizing payments through blockchain.
Tether has completed its first USDT-based crude oil transaction in the Middle East. This deal, finalized in October 2024, involved the financing of a shipment of 670,000 barrels of crude oil, valued at $45 million.
The company has taken a leading role in global trade financing, an industry worth over $10 trillion, such as commodity trading. The operation was supported by Tether Trade Finance, the firm’s investment division, which was launched earlier this year to offer modern and accessible capital solutions for the trade finance sector.
This deal marks the beginning of a new era where Tether will revolutionize trade transactions using blockchain technology and its stablecoin, USDT. Paolo Ardoino, the company’s CEO, expressed his excitement about the possibilities opening up in new commercial sectors.
Tether Is Changing Payment Systems Globally
The company is committed to making transactions faster, more efficient, and more transparent. By implementing more cost-effective and agile solutions, Tether aims to provide an alternative to traditional methods, which are often slower and more expensive.
The use of USDT in financing commodity transactions is crucial to optimize payment times and reduce their costs. This makes international trade flows more dynamic and accessible. Moreover, the use of blockchain technology ensures greater transparency and regulatory compliance, raising the standards of the industry.
More Investments in New Industries
The company also plans to expand this solution to other sectors, such as finance, agriculture, technology, and asset-backed industries, which will open new opportunities for a wider range of businesses around the world.