As an analyst with over two decades of experience in the financial sector, observing the rapid evolution of digital assets and the traditional finance world, I must say that Tether’s foray into commodities trading is not just ambitious; it’s groundbreaking.
Tether Investments, a subsidiary of the Tether stablecoin platform responsible for trading and investing, has completed its inaugural oil purchase deal. This move indicates a growing interest in commodity and real-world asset trading markets for the company.
Tether’s unit starts purchasing crude oil: Details
As per Tether’s official announcement, the financial technology powerhouse and creator of the widely-used U.S. Dollar Tether (USDT), a prominent stablecoin, has closed its first transaction within the commodities trading sector through its investment division.
The company facilitated the loading and transporting of 670,000 barrels of Middle Eastern crude oil, valued at approximately $45 million.
This transaction marks the very first time Tether Investments has engaged in business deals within this region, demonstrating their expanding aspirations in the field of commodities trading.
According to Paolo Ardoino, the CEO of Tether, it could prove advantageous for various sectors to employ USDT (Tether’s cryptocurrency) in significant commodity and Risk Weighted Asset (RWA) trading.
Speaking as an analyst, I’d rephrase it this way: As CEO of Tether Investments, Paolo Ardoino highlighted our dedication to transforming the trade finance sector by financing a substantial crude oil deal. By leveraging USD₮, we’re introducing efficiency and speed where traditional payment structures have been slow and costly. This transaction signifies just the start for us, as we aim to extend our support to various commodities and industries, promoting greater accessibility and innovation in global finance.
Tether’s team emphasizes that their investment division operates independently from the stablecoin reserves, utilizing the company’s substantial profit margins instead.
Tether expands its presence in new segments
Performing the initial transaction opens up diverse avenues for borrowing across various fields such as finance, technology, agriculture, and assets supported by tangible properties.
Previously mentioned by U.Today, the financial technology titan Tether expanded its reach into uncharted areas of the digital marketplace, launching several new products.
From mid-2023 onwards, our platform will be substantially dedicating resources towards developing cryptocurrency mining software and promoting various “Eco-friendly Mining” projects worldwide.
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2024-11-08 19:16