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News

Tether Completes The First USDT Oil Transaction in Middle East

November 8, 2024 - Around 2 mins mins to read

Key Points:

  • Tether completes the first USDT oil transaction in the Middle East, boosting its role in global trade finance.
  • Tether’s USDT oil transaction paves the way for future blockchain-based finance in commodities.
Tether completes the first USDT oil transaction in the Middle East, funding a $45 million crude oil shipment, highlighting its role in global trade finance innovation.
Tether Completes The First USDT Oil Transaction in Middle East

Tether Completes The First USDT Oil Transaction in the Middle East

The investment arm of Tether, Tether Trade Finance, has just reached another milestone through the financing of the first USDT-based crude oil transaction in the Middle East. This deal, which closed in October 2024, moved the equivalent of 670,000 barrels of crude oil worth $45 million. The deal underlines the growing presence of Tether as a player in global trade finance, most especially in the giant $10 trillion trade finance industry in which it seeks to revolutionize transactions with its stablecoin-backed solution.

This transaction with TXMI is part of how blockchain technology upsets traditional finance with the provision of effective and low-cost capital solutions using USD₮. Paolo Ardoino, CEO of Tether, sounded excited about expanding into new commodity sectors, saying that Tether was all about making trade seamless and very smooth with the promise of faster and more transparent transactions. This deal is likely to be one of many as Tether develops further the use of its USD₮ stablecoin in trade across a wide variety of industries, according to Tether.

Read more: Tether CEO Explains the Reserves Backing USDT Stablecoins; Strong Investment Flows into FXGuys and Avalanche

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Middle East

oil

Tether

USDT

Author

William

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