Stablecoin Giant Tether Enters Oil Trade by Financing $45M Middle Eastern Crude Deal
Tether's investment division financed a $45 million crude oil transaction involving 670,000 barrels of Middle East crude between a major oil company and a commodity trader. This move is part of Tether's strategy to expand beyond its stablecoin, USDT, into the $10 trillion trade finance industry, which mitigates risks in international trade. Tether plans to diversify into commodities trade finance, venture capital, bitcoin mining, and artificial intelligence. The company reported $7.7 billion in net profits this year, primarily from its $80 billion U.S. Treasury bills portfolio. Tether faces allegations of a U.S. criminal investigation for potential sanctions violations, which it denies, asserting compliance with American sanctions and commitment to U.S. debt purchases.
