Company Tether brokered a $670 million deal to buy 000 barrels of crude oil, funding it with its own stablecoin Tether (USDT). First time about exit plans Tether on the raw materials markets became known in October.
This deal marks the beginning as we look to support a broader range of products and industries, driving inclusivity and innovation in global finance,” said Paolo Ardoino, CEO Tether .
An investment arm acted as an intermediary between an unnamed Middle East oil major and a commodities trader. Tether Trade Finance. It is known that the reserves that appeared due to the high profits of the parent company were used for its launch.
According to the Tether , the investment division will participate in financing projects in various fields: artificial intelligence, education, renewable energy, bitcoin mining and telecommunications. Tether Trade Finance reported that its profit for the first nine months of 2024 amounted to $7,7 billion.
The turnover of the USDT stablecoin is also growing and has already exceeded almost $120 billion. According to the statement Tether , the company's additional reserves exceeded $6 billion.
https://crypto.news/tether-completes-first-middle-east-crude-oil-transaction/