Tether’s investment division has successfully completed its inaugural crude oil transaction in the Middle East, highlighting its growing influence in the financial world.
Tether's First Oil Deal
Tether executed a multimillion-dollar trade involving crude oil between a prominent publicly traded oil firm and a leading commodity trader. Announced on November 8, the deal included financing the loading and transport of 670,000 barrels of Middle Eastern crude oil in October, valued at approximately $45 million.
Expansion of Tether's Business Ventures
Launched earlier this year, Tether’s trade finance business is rapidly expanding within the $10 trillion trade finance sector. Tether emphasizes its investment division operates independently from its stablecoin reserves.
Future Plans and Market Impact
The crude oil deal paves the way for utilizing USDT in various trade finance transactions within financial services, technology, agriculture, and asset-backed sectors. Tether's investment arm leans on strong profitability, reporting a consolidated profit of $7.7 billion over nine months following a $2.5 billion profit in their Q3 2024 attestation.
The successful execution of Tether's first crude oil transaction marks a new phase in the company's development and its impact on global financial markets, offering new opportunities for orchestrating trade operations at a global level.
