Tether, the issuer of the USDT stablecoin, recently announced on its blog that it has completed funding for its first crude oil transaction in the Middle East. The deal closed in October between Tether Investments and a major publicly traded oil company. This transaction, valued at around $45 million, involves the transport of 670,000 barrels of crude oil.
Launched earlier this year, Tether’s Trade Finance division has rapidly expanded to support the $10 trillion global trade industry, offering accessible capital solutions that simplify and modernize trade flows. While it is part of Tether Investments, this new venture operates independently from Tether’s stablecoin reserves.
Tether has also recently broadened its investment portfolio to include AI, renewable energy, Bitcoin mining, telecommunications, and education sectors.
With Tether expanding into new regions and sectors, CEO Paolo Ardoino shared his thoughts:
“Tether Investments’ financing of this significant crude oil transaction underscores our commitment to reshaping the trade finance landscape. With USDT, 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 positioning its stablecoin as a key player in global finance. It cuts costs, speeds up payments, and meets anti-money laundering (AML) standards, taking full advantage of blockchain networks’ transparency.
A few days ago, the company led by Ardoino reported a $2.5 billion net profit for Q3, bringing its total earnings for 2024 to around $7.7 billion. The firm also announced that its assets have reached a record high of $14.2 billion, with approximately 120 billion USDT now in circulation, reflecting a 30% increase in stablecoin issuance this year.
“In terms of reserves, Tether’s Stablecoin issuing companies managing the respective reserves now hold over $105 billion in cash and cash equivalents, with a notable $102.5 billion in direct and indirect exposures to U.S. Treasuries — a new ATH that places Tether among the top 18 holders globally if it were classified as a country, above Germany, Australia, and the UAE. This demonstrates Tether’s steadfast commitment to liquidity and stability, offering unparalleled security to its users”.
–From a report by Tether.
Further news:
- Russian Government to Ban Crypto Mining in Some Regions.
- Ant CEO Eric Jing says asset tokenization is essential for economic transformation.
- Bolivian Bank Bisa Launches USDT Custody Service.
- More Than 60 New Bitcoin Addresses Holding 1,000 to 10,000 BTC Emerged in 2024.
- Uruguay Passes New Law to Regulate the Crypto Industry.
- Worldcoin Grows in Mexico While Facing Sanctions in Argentina and Global Scrutiny.
- Argentina is now the biggest player in the crypto market in Latin America.
- Switzerland, Dubai, and South Korea: The Best Places for Crypto Business in 2024, According to Social Capital Markets.
Subscribe to the Purse.io Newsletter to stay updated with our weekly insights on Blockchain, e-commerce, and cryptocurrencies. Don’t forget to follow us on X for the latest on Hamza, the first Web3 marketplace powered by the Loadpipe protocol and the LOAD token. This solution is designed to enhance e-commerce with low gas fees, trading freedom, and a wide range of cryptocurrencies.
We’re excited to introduce the Hamza.biz Ambassador Program—a great chance to see how Web3 is changing e-commerce. As an ambassador, you’ll get exclusive access to our private Discord channel, where you can share your ideas and earn gifts and bonuses. Click here to learn more.
- AI (6)
- aml (1)
- Bitcoin mining (7)
- Blockchain (82)
- commodities (1)
- crude oil (1)
- crypto (21)
- earnings (1)
- education (6)
- global finance (1)
- global trade (1)
- liquidity (2)
- middle east (1)
- payment solutions (1)
- renewable energy (3)
- reserves (1)
- stablecoin (11)
- telecommunications (1)
- tether (8)
- trade finance (1)
- transparency (3)
- us treasuries (1)
- usdt (14)