beincrypto.com
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.