Leading stablecoin firm Tether announced that it has completed its first financing for a crude oil trade in the Middle East, making its debut as a lender in the global commodities sector.
The transaction, completed in October, involved financing the transportation of 670,000 barrels of crude oil worth approximately $45 million between a “super-major publicly traded oil company” and a top commodities trader, Tether announced today.
The company’s CEO, Paolo Ardoino, described the move as a first step toward broader participation in commodities and other sectors. “This transaction marks the beginning as we look to support a broader range of commodities and industries, driving greater inclusivity and innovation in global finance,” Ardoino said.
Headquartered in the British Virgin Islands, Tether issues the widely used USDT token, a dollar-pegged digital asset that enables efficient cryptocurrency trading and payments. With over $105 billion in cash and cash equivalents backing its USDT, Tether is one of the most prominent firms in the crypto space. While the company does not publish audited financials, it reported consolidated profits of $7.7 billion in the first nine months of 2024.
*This is not investment advice.