USDT ventures into $10 trillion Oil market

Tether financed a $45 million crude oil deal to make its commodities market debut. A commodity trader and a publicly traded oil company entered into a deal as stated by a Nov. 8 announcement,

670,000 barrels of Middle Eastern crude oil were transported thanks to the October completion of the Tether USDT transaction. Tether financed the deal with its earnings.

Tether’s Trade Finance division, which specializes in incorporating blockchain technology into conventional trade finance operations, spearheaded the transaction.

The stablecoin issuer lent billions of dollars to commodities trading firms in early October to offer financing options to a sector heavily reliant on traditional banks, Tether estimates that the trade finance sector is worth $10 trillion.

Tether CEO Paolo Ardoino said, “With USDT, we’re bringing efficiency and speed to markets that have historically relied on slower, more costly payment structures.”. This deal is the first step toward our goal of supporting a wider variety of goods and sectors, promoting greater diversity and creativity in international finance.’

The company’s overall earnings for the year came to $7.7 billion after reporting a $2.05 billion profit for the third quarter of 2024. , its assets totaled $134.04 billion as at the end of September

The business expanded its operations by investing in startups in several sectors, such as artificial intelligence, telecommunications, education, Bitcoin mining, and renewable energy.