Completed in October 2024, the deal facilitated the transport of 670,000 barrels of crude oil and marked Tether’s entry into the commodity trading market.
Stablecoin issuer Tethe has debuted on the commodities market by financing a $45 million crude oil transaction.
According to a Nov. 8 announcement, the deal involved a publicly traded oil company and a commodity trader. The transaction in Tether (USDT) was completed in October and facilitated the transport of 670,000 barrels of Middle Eastern crude oil.
The deal was led by Tether’s Trade Finance business — an arm of the company focused on integrating blockchain technology into traditional trade finance operations. Tether first hinted at lending billions of dollars to commodities trading companies in early October, seeking to provide financing alternatives for an industry largely dependent on traditional banks. According to Tether, the trade finance industry has a market value of $10 trillion.
