Tether has completed its first oil trade financing deal in the Middle East, making its entry into the global commodities market.
Tether's Oil Trade Financing
The transaction, completed in October, involved financing the transportation of 670,000 barrels of crude oil worth approximately $45 million between a major publicly traded oil company and a leading commodities trader.
The Deal's Significance for Tether
Tether's CEO, Paolo Ardoino, described this as the first step toward broader participation in various industries. He stated: “This transaction marks the beginning as we look to support a broader range of commodities and industries, driving greater inclusivity and innovation in global finance.”
Company's Financial Status
Headquartered in the British Virgin Islands, Tether issues the widely used USDT token, backed by over $105 billion in cash and cash equivalents. Although Tether does not publish audited financials, it reported consolidated profits of $7.7 billion in the first nine months of 2024.
This deal highlights Tether's strategic expansion into new markets and its aim to strengthen its position in international trade.
