Tether Enters Oil Markets with $45M USDT Contract
Date: 2024-11-11 Author: Gabriel Deangelo Categories: BUSINESS
In October, Tether, through its investment arm, financed its first deal in the energy sector. The agreement involved a USDT transfer between a major public oil company and a leading trader, which supported the loading and transportation of 670,000 barrels of oil worth $45 million from the Middle East. Tether CEO Paolo Ardoino said the deal marks the beginning of a major expansion for the company to support multiple industries and help drive innovative financial solutions around the world. He said the use of USDT speeds up transactions in commodities markets, which have traditionally relied on slow and expensive payment systems.
“We aim to facilitate transactions in the markets using USDT, which speeds up the process and reduces the costs associated with traditional payment structures. “This is just the beginning of a journey to support a broader range of products and industries, which will help advance inclusive financial systems,” Ardoino said.
Earlier this year, Tether launched Tether Trade Finance to provide efficient trade finance solutions. The unit, part of Tether Investments, operates independently of the USDT reserves, but builds on the company’s strong financial performance.
In addition to expanding into commodities, Tether has been actively working with law enforcement. The company recently assisted the Ontario Provincial Police in recovering approximately $7,188 CAD in stolen cryptocurrency. Tether blocked the stolen USDT, allowing authorities to quickly return the funds to the victim. According to Detective Addison Hunter of the Ontario Police, Tether’s support was critical to the successful completion of the operation.
