Tether’s USDT stablecoin was used for a $45 million oil deal in the Middle East, marking the first transaction of its kind in the region. The deal involved 670,000 barrels of crude oil and was conducted between a listed oil industry “super company” and a “prime commodity trader.” Tether CEO Paolo Ardoino highlighted the aim to use USDT to increase efficiency and reduce costs in traditional markets.
This transaction signals the beginning of Tether’s involvement in wider industry sectors like technology, agriculture, asset-based, and financial markets. The USDT stablecoin is designed to promote global financial innovation and inclusion. In addition to the oil deal, Tether reported a profit of $2.5 billion in the third quarter of 2024 and a total profit of $7.7 billion since the beginning of the year.
These profits were primarily driven by investments in bitcoin, gold, and US government bonds. Tether plans to use its profits to provide US dollar-based loans to commodity traders. Tether has also expanded its operations, launching a Trade Finance division earlier in the year. This new division aims to modernize trade processes and offer accessible capital solutions.
Tether has also ventured into other areas such as renewable energy, Bitcoin mining, artificial intelligence, telecommunications, and education.
