Tether Completes $45M Middle East Oil Deal Involving 670,000 Barrels Settled in USDT

Nov 8, 2024, 07:00 PM

Stablecoin issuer Tether has completed the funding of its first crude oil transaction in the Middle East. The $45 million deal, finalized in October 2024, involved the loading and transporting of 670,000 barrels of Middle Eastern crude oil. This transaction marks Tether's entry into the $10 trillion trade finance industry. The deal was facilitated through Tether's Trade Finance division and settled in USDT, highlighting Tether's ambition to expand beyond digital assets and become a significant player in commodities trading. The transaction was between a publicly traded super-major oil company and a top-tier commodity trader.