Tether makes its first oil trade in Middle East

Tether has made the funding for the first time for crude oil transactions in the Middle East. This action is part of stablecoin’s issuer’s bigger plan to expand its business in the world of commodity trading. 

Tether announced that the transaction was completed in October. The purpose of this transaction was to facilitate the loading and delivery of 670k barrels of Middle Eastern crude oil.

Tether shared that the value of this transaction was $45 million between a “publicly traded super-major oil company and a top-tier commodity trader”.

According to the CEO of the company, Paolo Ardoino, this transaction highlights the beginning of Tether’s support for a “broader range of commodities and industries”.

Tether has become one of the major companies in the crypto industry. The company issue stable coins pegged to the dollar for crypto trade and payment facilitation.