The company’s investment branch recently financed a large oil transaction involving 670,000 barrels of crude oil from the Middle East.
The deal, completed in October 2024, marks Tether Investments’ very first oil transaction in this region. Tether isn’t just about digital currency anymore. Earlier this year, Tether launched a Trade Finance division to help boost the $10 trillion trade finance industry.
Trade finance is a bit like the fuel that keeps the world economy running, helping goods get from one place to another. Tether’s new division focuses on providing the funding that companies need to move products quickly and efficiently.
Tether Investments (separated from stablecoin reserves) completed in October 2024 its first transaction to facilitate the loading and transporting of 670,000 barrels of Middle Eastern crude oil, valued at approximately $45 million.
With USD₮, we’re bringing efficiency and… https://t.co/As9FLFzAZE
— Paolo Ardoino 🤖🍐 (@paoloardoino) November 8, 2024
By financing trade, Tether Investments is looking to make trade faster, cheaper, and more efficient. This is part of Tether’s plan to reshape global trade finance. Tether believes that its highly profitable business model is shown in its recent Q3/2024 report.
More ABout Tether & Oil Trades
Paolo Ardoino, the CEO of Tether, expressed his excitement about this major step forward. “Financing this oil deal is just the tip of the iceberg for Tether Investments,” he said. Ardoino explained that USDT, Tether’s stablecoin, has a role to play in making trade quicker and easier. In global markets that traditionally depend on slow and costly payment systems, Tether aims to speed things up and cut down on costs, allowing companies to “get the ball rolling” faster.
Tether Trade Finance Completes Funding of First Middle Eastern Crude Oil Transaction
Read more: https://t.co/SENypbSSm6
— Tether (@Tether_to) November 8, 2024
But Tether isn’t stopping at oil. With its Trade Finance division, Tether plans to support a wider range of products. From metals to agricultural goods. Their mission is to make global trade more inclusive. This means that more companies can join in without facing as many financial obstacles. Ardoino’s vision is one where Tether helps build “a well-oiled machine” in the world of finance.
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