Tether’s Investment Arm Announces Completion of Funding for Middle Eastern Crude Oil Trade
Tether’s Investment division is announcing the financing of a $45 million physical crude oil transaction between a major oil company and a commodity trader.
In a new announcement, the USDT-stablecoin issuer says that this transaction is Tether Investments’ first crude oil transaction in the Middle Eastern region, marking Tether’s expanding role in global commodities trading.
Says Tether CEO Paolo Ardoino of the transaction,
“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.”
According to the announcement, the financing of this crude oil transaction shows Tether’s commitment to reshaping the trade finance landscape and promoting the use of USDT in transactions.
Two weeks ago at the 3rd Annual Lugano Plan B forum in Switzerland, the Plan B Initiative , a collaboration between Tether and the city of Lugano, revealed a statue honoring the faceless, pseudonymous creator of Bitcoin ( BTC ), Satoshi Nakamoto. The statue’s form paid homage to one of the core tenets of blockchain technology: decentralization.
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inboxCheck Price Action
Follow us on X , Facebook and Telegram
Surf The Daily Hodl Mix
Featured Image: Shutterstock/Blue Planet Studio/WindAwake
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Flash Thursday: Buy crypto with a credit/debit card for zero fees
Every Thursday, enjoy zero fees when using your local fiat currency with a credit or debit card ( Visa, Mastercard, Google Pay Apple Pay)! Buy Crypto Promotion period: Every Thursday 8:00 PM – Friday 8:00 PM (UTC+8) Promotion rules Sign up for a Bitget account or log in to your existing account. Na
Grayscale Adds XRP, Solana, Stellar to Private Placement Trusts
Cardano Network Activity Hits 2023 Highs: Is $1.5 ADA Possible?
Chill Guy (CHILLGUY): The Meme Coin That’s All About Taking It Easy
What is Chill Guy (CHILLGUY)? Chill Guy (CHILLGUY) is a meme coin on Solana that embodies the spirit of calmness and simplicity. The meme coin is inspired by a viral meme of a relaxed, low-key dog. It’s a meme that has taken the internet by storm, celebrating the art of not worrying. The character