As a seasoned researcher with a keen eye for market trends and a knack for deciphering the intricacies of financial transactions, I find Tether’s latest move into the Middle Eastern crude oil business particularly intriguing. Having spent years studying the interplay between traditional finance and the burgeoning crypto sphere, it’s clear that this move signals a significant shift in Tether’s strategy.
Tether has completed its initial investment deal in a crude oil venture within the Middle East, broadening the scope of its cryptocurrency business beyond its primary digital asset offering.
This investment brings together a prominent oil corporation listed on the stock market and a top commodity dealer, with the goal of smoothly handling the loading and shipping of approximately 670,000 barrels of crude oil.
As per the announcement made on November 8, Tether’s (USDT) investment arm concluded a deal in October 2024 worth around $45 million for Middle Eastern crude oil. This represents Tether’s first foray into the crude oil market in the region.
It also highlights the crypto company’s growing traction in commodities trading across the world.
According to Paolo Ardoino, CEO of Tether, this transaction signifies the start of our expansion into more types of commodities and sectors. Our aim is to promote wider accessibility and creativity within international finance.
The Trade Finance division of Tether, introduced at the start of the year, has seen a notable surge in development as the company focuses on potential openings within the massive $10 trillion trade finance industry.
To clarify, although this latest business endeavor falls under Tether Investments’ overall scope, it does not tie into the reserves associated with their USDT stablecoin. Tether has revealed that this move is a part of its growth plan, which encompasses areas like artificial intelligence, education, renewable energy, Bitcoin (BTC) mining, and telecommunications as well.
In the latest announcement, the firm disclosed that they reached a staggering $7.7 billion in profits by the end of September 2024. Moreover, their Q3 financial report underscores an impressive $102 billion worth of U.S. Treasury bonds in their possession.
During the last quarter, the circulation of USDT almost hit $120 billion. However, Tether reported holding more than $6 billion in additional reserves.
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2024-11-08 18:58