Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnWeb3SquareMore
Trade
Spot
Buy and sell crypto with ease
Margin
Amplify your capital and maximize fund efficiency
Onchain
Going Onchain, without going Onchain!
Convert
Zero fees, no slippage
Explore
Launchhub
Gain the edge early and start winning
Copy
Copy elite trader with one click
Bots
Simple, fast, and reliable AI trading bot
Trade
USDT-M Futures
Futures settled in USDT
USDC-M Futures
Futures settled in USDC
Coin-M Futures
Futures settled in cryptocurrencies
Explore
Futures guide
A beginner-to-advanced journey in futures trading
Futures promotions
Generous rewards await
Overview
A variety of products to grow your assets
Simple Earn
Deposit and withdraw anytime to earn flexible returns with zero risk
On-chain Earn
Earn profits daily without risking principal
Structured Earn
Robust financial innovation to navigate market swings
VIP and Wealth Management
Premium services for smart wealth management
Loans
Flexible borrowing with high fund security
Tether Advances Into Crude Oil Market With $45 Million Deal in USDT

Tether Advances Into Crude Oil Market With $45 Million Deal in USDT

BeInCryptoBeInCrypto2024/11/09 09:30
By:Oluwapelumi Adejumo

Tether's strategy now involves expanding beyond stablecoin issuance and supporting industries with more efficient financial solutions.

Tether, the issuer of the popular stablecoin USDT, announced the successful completion of its first crude oil transaction in the Middle East.

This marks a significant step toward Tether’s goal of entering the commodities trading sector as a lender.

Tether’s Oil Trade Signals Shift Toward Broader Commodity Investments

In October, Tether‘s investment arm financed a physical crude oil trade, marking its entry into the region’s energy sector. The transaction used USDT to facilitate the transfer between the major publicly traded oil company and a leading commodity trader. This milestone involved the loading and transport of 670,000 barrels of Middle Eastern crude oil, valued at $45 million.

Tether CEO Paolo Ardoino said the transaction marks the beginning of the company’s expansion into supporting various commodities and industries to promote more inclusive, innovative financial solutions worldwide. Ardoino also highlighted how USDT brings speed and efficiency to markets traditionally slowed down by costly payment structures.

“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,” Ardoino stated.

Tether’s Trade Finance division was launched earlier this year and aims to bring efficient capital solutions to the $10 trillion trade finance industry. This division is part of Tether Investments. However, it operates independently of USDT stablecoin reserves and leverages the company’s strong financial performance.

Meanwhile, this transaction coincides with Tether’s recent cooperation with Canadian law enforcement to recover stolen digital assets. The company disclosed it helped the Ontario Provincial Police (OPP) to reclaim approximately $10,000 CAD (around $7,188) in stolen crypto.

Tether voluntarily helped freeze the stolen USDT assets, enabling authorities to recover the funds and return them to the victim. Detective Staff Sergeant Addison Hunter of the OPP noted that Tether’s proactive support played a key role in the successful asset recovery.

“With the voluntary assistance and cooperation of Tether International Ltd., the stolen digital assets were successfully seized and returned to the victim. This collaboration was instrumental in ensuring the swift recovery of the assets,” Hunter said.

Ardoino reaffirmed Tether’s commitment to assisting government agencies globally in combatting criminal activity. This collaboration is one of many, with the stablecoin company helping to freeze over $2 billion linked to illicit activities.

0

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.

PoolX: Earn new token airdrops
Lock your assets and earn 10%+ APR
Lock now!

You may also like

WLFIUSDT now launched for pre-market futures trading

Bitget Announcement2025/08/23 13:50

New spot margin trading pair — SAPIEN/USDT!

Bitget Announcement2025/08/22 10:56

Bitget Will Delist MKR on 2025-08-22

Bitget Announcement2025/08/22 10:15