Tether has made the decision to enter the commodities trading market.
In October, the company loaded and transported 670,000 barrels of Middle East crude oil, equivalent to $45 million.
With a net profit of $2.5 billion in Q3 2024 and a total profit of $7.7 billion year-to-date, Tether is one of the most successful cryptocurrency companies.
This move into the commodities market was made through the company's new division, Tether Investments, which is dedicated to supporting the $10 trillion trade finance industry.
This division is kept separate from the reserve assets backing the USDT stablecoin, currently the largest stablecoin in existence.
Tether CEO Paolo Ardoino said:
"Tether Investments’ financing of this significant crude oil transaction underscores our commitment to reshaping the trade finance landscape. With USD₮, we’re bringing efficiency and speed to markets that have historically relied on slower, more costly payment structures. This transaction marks the beginning, as we look to support a broader range of commodities and industries, fostering greater inclusivity and innovation in global finance."