dailyhodl.com
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.