Tether has successfully executed its inaugural oil transaction in the Middle East, marking a significant milestone for the stablecoin issuer. This transaction, valued at approximately $45 million, involved a major public oil company and a prominent commodity trader, facilitating the movement of around 670,000 barrels of crude oil.
How is USDT Used in Trade Finance?
This transaction serves as a strategic step for Tether to integrate USDT into global trade finance. The company is keen on enhancing its presence in the regional oil market and showcasing USDT’s capabilities as a reliable payment method.
What Does Tether’s Trade Finance Department Do?
Launched earlier this year, Tether’s Trade Finance department operates autonomously from the company’s stablecoin reserves, targeting the expansive $10 trillion trade finance sector. This initiative allows Tether to capitalize on opportunities within various fields, including commodity trading and agriculture.
Key takeaways from Tether’s recent developments include:
- The successful financing of a major oil transaction using USDT.
- Commitment to expanding USDT’s role in trade finance.
- Independent Trade Finance department focusing on lucrative sectors.
- Profitable financial performance, reporting a net profit of $2.5 billion.
- Launch of a Dirham-pegged stablecoin to enhance regional presence.
Tether’s recent accomplishments highlight its commitment to advancing its influence in global trade finance and broadening the adoption of USDT across various industries, reflecting an ongoing effort to innovate within the financial technology landscape.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
Source: https://en.bitcoinhaber.net/tether-completes-first-oil-deal-in-middle-east