Cryptocurrency news By Mark Hunter 1 day agoMon Nov 11 2024 08:15:05 Reading Time: 2 minutes Tether has entered the oil trade by financing a $45 million crude oil deal The company’s stablecoin, USDT, has been used to facilitate cross-border energy transactions This move marks Tether’s first involvement in the physical commodities market, particularly in the Middle East Stablecoin giant Tether has funded a $45 million crude oil transaction, entering the energy sector for the first time. This transaction, backed by USDT, underscores Tether’s ambition to expand its influence beyond traditional finance, directly into commodities markets. By facilitating this deal in the Middle East, Tether hopes to leverage its digital currency technology to streamline large-scale global trade. Tether Broadens its Horizons Tether, best known for its stablecoin pegged to the U.S. dollar, has taken a surprising step into the world of physical commodities by financing a significant oil trade deal. The $45 million transaction involves crude oil sourced from the Middle East and represents a substantial departure from the company’s usual focus on financial products. This foray into the energy market highlights Tether’s intention to explore broader uses for its technology in real-world commerce, particularly by supporting international trade where traditional financing options may be limited or cumbersome. Deal Could Benefit Middle Easter Oil Market Discussing the deal in a press release , Tether said that the deal is an example of the company “reshaping the trade finance landscape” and represents an important test case for using USDT in high-stakes transactions across borders. The company added that stablecoins like USDT could offer stability and efficiency in markets subject to currency fluctuations and regulatory hurdles, adding, “We see this as the beginning of a new era for Tether, where our technology supports major industries like oil and gas.” This deal could also prove strategically significant for Middle Eastern oil markets, as it demonstrates the appeal of stablecoins as a financing tool for regions experiencing currency volatility. By using USDT as a medium for this transaction, Tether aims to provide both stability and transparency. This venture may pave the way for further expansion of digital assets in global trade, potentially reshaping the way commodities are bought and sold on an international scale. » …
By Mark Hunter 1 day agoMon Nov 11 2024 08:15:05 Reading Time: 2 minutes Tether has entered the oil trade by financing a $45 million crude oil deal The company’s stablecoin, USDT, has been used to facilitate cross-border energy transactions This move marks Tether’s first involvement in the physical commodities market, particularly in the Middle
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