Leading stablecoin company Tether announced that it has completed its first financing for a crude oil trade in the Middle East, marking its debut as a lender in the global commodities sector.
The transaction, completed in October, involved financing the movement of 670,000 barrels of crude oil worth approximately $45 million between a “supermajor publicly traded oil company” and a top commodity trader, Tether said today.
The company’s CEO, Paolo Ardoino, described the move as a first step towards broader participation in commodities and other sectors. “This transaction marks the beginning as we look to support a broader range of commodities and industries, promoting greater inclusion and innovation in global finance,” Ardoino said.
Tether, headquartered in the British Virgin Islands, is an efficient crypto para It issues the widely used USDT token, a dollar-pegged digital asset that enables trading and payments. With over $105 billion in cash and cash equivalents backing its USDT, Tether is one of the most important companies in the crypto industry. Although the company does not publish its audited financial statements, it reported consolidated profits of $7.7 billion in the first nine months of 2024.
*This is not investment advice.
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Source: https://www.bitcoinsistemi.com/tether-daha-once-gorulmemis-bir-kripto-para-adimi-atti/
