Tether Expands USDT Adoption with First Middle East Crude Oil Deal

Tether's investment division successfully funded its first crude oil transaction in the Middle East. The transaction facilitated the transport of 670

Stablecoin issuer Tether has announced the successful completion of its first crude oil transaction in the Middle East, a move that marks a significant expansion of USDT in the global trade finance sector.

According to an announcement on Friday, Tether’s Trade Finance unit completed its inaugural crude oil transaction in the Middle East, a venture valued at $45 million.

The transaction involved a leading publicly traded oil super-major and a top-tier commodity trader, facilitating the transport of 670,000 barrels of Middle Eastern crude oil.

Tether Expands USDT Adoption with First Middle East Crude Oil Deal

This move marks the stablecoin issuer’s first foray into the regional crude oil sector, highlighting its commitment to expanding USDT in global trade finance.

More so, the transaction facilitated the loading and transport of 670,000 barrels of crude oil. This indicates Tether’s growing role in commodities leveraging USDT in industries for efficient payment solutions.

Following the development, Tether CEO commented,

“With USDT, we’re bringing efficiency and speed to markets that have historically relied on slower, more costly payment structures. This transaction marks the beginning, as we look to support a broader range of commodities and industries.”

The stablecoin issuer Trade Finance division, launched earlier this year, operates independently of Tether’s stablecoin reserves. It focuses on funding opportunities within the $10 trillion trade finance sector.

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