Tether, the issuer of the stablecoin USDT, recently announced that its investment arm has financed a $45 million crude oil deal, equivalent to 670,000 barrels from the Middle East. This strategic move marks Tether’s expansion into the $10 trillion global trade finance sector.
According to CEO Paolo Ardoino, the transaction, which took place in October between a major oil company and a leading commodities trader, marks the beginning of Tether’s plans to support a wide range of commodities and industries.
Tether is no longer just focused on issuing USDT, the world’s third-largest cryptocurrency. The company is diversifying its portfolio into areas such as venture capital, Bitcoin mining, and artificial intelligence. With a net profit of $7.7 billion this year, driven mainly by interest from $80 billion in U.S. Treasury bonds, Tether is solidifying its growing influence in the fintech industry.