The investment arm of Tether Trade Finance has funded a $45 million oil deal using its USDT stablecoin. This was reported in the company’s press release.
It is specified that two oil firms participated in this transaction, but their names were not disclosed. Tether claims that one of them is a publicly traded oil company, while the other is a large oil trader.
As part of this deal, Tether secured the loading and transport of 670,000 barrels of crude oil from the Middle East, with a total value of about $45 million. This deal was part of the company’s new investment arm.
Tether’s CEO, Paolo Ardoino, said that the financing of this oil project demonstrates the company’s commitment to changing the trade finance market. ‘With USDT, we will make markets that previously depended on slower and more costly payment methods more efficient and faster,’ he added.
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