Tether Investment Division Facilitates Crude Oil Trade in Middle East: Details

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As a researcher who has followed Tether’s growth and evolution over the years, I find myself increasingly impressed by their strategic moves. The successful completion of their inaugural crude oil transaction in the Middle East, worth an impressive $45 million, is a testament to Tether’s commitment to expanding USDT’s adoption in global trade finance.

Through their investment division, Tether successfully carried out its inaugural deal in the sale of crude oil from the Middle East. This transaction, which included a prominent publicly traded oil giant and a top-ranking commodity trader, arranged for the shipment of around 670,000 barrels of Middle Eastern crude oil, with an estimated worth of approximately $45 million.

Tether Expands USDT Adoption with First Middle East Crude Oil Deal

As a crypto investor, I recently learned that Tether’s Trade Finance division has successfully executed its initial crude oil transaction in the Middle East, worth approximately $45 million. This milestone signifies Tether’s entry into the regional crude oil sector, underscoring their dedication to increasing the reach of USDT within global trade finance, a move that I find quite exciting and promising for the future of digital currencies in international commerce.

Furthermore, this transaction played a significant part in moving over half a million barrels of crude oil. This points to Tether’s expanding influence in the commodities sector as they use USDT to provide streamlined payment options within industries.

Following the development, Tether CEO commented, 

By using USDT, we’re introducing swiftness and cost-effectiveness to markets that traditionally depended on slower, pricier payment systems. This transaction signifies the start, as our goal is to extend this support to a wider variety of commodities and sectors.

The stablecoin issuer Trade Finance division, launched earlier this year, operates independently of Tether’s stablecoin reserves. It focuses on funding opportunities within the $10 trillion trade finance sector.

Reaching this achievement opens up new avenues for Tether to delve deeper into commodity trading and various fields like finance, farming, and asset-secured loans, thereby boosting the acceptance of their stablecoin.

By leveraging blockchain technology for trade deal management using USDT as a reliable and effective payment method, he strengthens his position within the company.

Strong Q3 Growth Amid Expanding Regional Reach

In the Q3 2024 report, the company revealed a net income of $2.5 billion, underscoring its strong financial health. The company’s earnings have been consistent throughout the year thanks to investments in assets such as U.S. Treasuries and gold. This profitability has granted the stablecoin provider the opportunity to grow its investment division and handle large-scale transactions.

Furthermore, last week, a company specializing in stablecoins introduced a US Dollar-equivalent token pegged to the UAE Dirham on the TON Network. This move aims to expand their influence in the Middle East. The new stablecoin is intended to support the burgeoning Web3 and financial tech environment in the region, with increased usage anticipated as more businesses in the United Arab Emirates incorporate blockchain technology into their operations.

Lately, Paolo Ardoino, Tether’s CEO, explained the creation of 2 billion USD Tethers on the Ethereum blockchain. This action was taken as part of their strategy for managing liquidity. The process, carried out via a chain swap, entailed shifting USDT from different blockchains to Ethereum to enhance its liquidity.

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2024-11-08 20:12