Tether Trade Finance completes funding of First Middle Eastern Crude Oil Transaction

Sat, Nov 9, 2024
By editor
2 MIN READ

Business

TETHER, the largest company in the digital asset industry, has announced that its Investment division has financed a physical crude oil transaction between a publicly traded super-major oil company and a top-tier commodity trader.

Completed in October 2024, the transaction was to facilitate the loading and transporting of 670,000 barrels of Middle Eastern crude oil, valued at approximately $45 million. This transaction marks Tether Investments’ first crude oil transaction in the region and highlights the company’s expanding role in global commodities trading.

Launched earlier this year, Tether’s Trade Finance business has quickly scaled to support the $10 trillion trade finance industry by providing accessible capital solutions that streamline and modernize global trade flows.

This new venture, part of Tether Investments, is separated from Tether’s Stablecoin reserves and leverages the company’s high profitability as demonstrated in its recently published quarterly attestation for Q3/2024.

Tether aims to help drive positive change within the trade finance industry by providing flexible capital solutions to a wide range of companies and driving efficiency in trade flows through its stablecoin, USD₮.

“Tether Investments’ financing of this significant crude oil transaction underscores our commitment to reshaping the trade finance landscape,” said Paolo Ardoino, CEO of Tether. “With USD₮, 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, fostering greater inclusivity and innovation in global finance.”

Tether is driving the use of USD₮ in trade finance transactions, which lowers costs and reduces payment times – a distinct benefit over traditional lending – while leveraging top-tier compliance and AML standards, boosted by the transparency of blockchain networks.

While this transaction represents the first of its kind, it paves the way for a wider range of lending opportunities, spanning the financial, technology, agricultural, and asset-backed sectors.

It urges accredited counterparties interested in exploring such opportunities to reach out to: tradefi@tether.to 

9th November, 2024.

C.E.

Tags:


Dele Alake in cap flanked by others

ALAKE urges mining CEOs to champion mining development, establish banks. The Minister of Solid Minerals Development, Dele Alake has charged...

Read More
Zenith Tech Fair 4.0 ends on a hifg as hackathon winners get 77.5m cash reward

A total sum of N77.5 million in prize money was won at the end of a keenly contestedhackathon session at...

Read More
BoI raises $5bn, plans N120bn MSME support

THE Managing Director of Bank of Industry (BoI), Mr Olasupo Olusi, says the bank has raised over $5 billion  from...

Read More