Ethereum

2024

United

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/tether-finances-first-oil-transaction-in-the-middle-east/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Tether Finances First Oil Transaction in the Middle East</a> 
<a href="https://en.coin-turk.com/kraken-investigates-removing-tethers-usdt-in-the-eu/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Tether</a>‘s investment division has successfully financed its first oil transaction in the Middle East. This operation involved a major public oil company and a senior commodity trader. The transaction facilitated the transportation of approximately 670,000 barrels of Middle Eastern crude oil, valued at around 45 million dollars.
<h2 id="role-of-usdt-in-trade">Role of USDT in Trade</h2>
With this first oil transaction in the Middle East, Tether aims to expand the use of <a href="https://en.coin-turk.com/tether-freezes-41-wallets-in-bold-compliance-move/" data-wpel-link="internal" rel="noopener noreferrer nofollow">USDT</a> in global trade finance. The stablecoin issuer emphasized its commitment to the regional oil sector and the capacity of USDT to provide effective payment solutions in commerce.
Tether’s CEO stated that USDT enhances market efficiency. He noted, “With USDT, we are bringing efficiency and speed to markets that historically used slower and costlier payment structures. This operation is a starting point aimed at supporting broader commodities and other sectors.”
<h2 id="role-of-the-trade-finance-department">Role of the Trade Finance Department</h2>
Established earlier this year, the Trade Finance department operates independently from Tether’s stablecoin reserves. The department focuses on seizing opportunities within the 10 trillion dollar trade finance sector.
This significant step allows Tether to explore more opportunities in commodity trading and other sectors like agriculture. By utilizing USDT as a stable and efficient payment medium, the company has increased its capacity to manage trade agreements with blockchain-backed funds.
Tether reinforced its financial strength by reporting a net profit of 2.5 billion dollars in its fourth-quarter 2024 report. The company achieved profitability throughout the year through investments in assets like U.S. Treasury bonds and gold.
Additionally, Tether launched a Dirham-pegged stablecoin on the TON Network last week, aiming to strengthen its presence in the Middle East. This new stablecoin intends to serve the <a href="https://en.coin-turk.com/web3-the-next-golden-opportunity-for-digital-marketers/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Web3</a> and fintech ecosystem in the region alongside the integration of blockchain technology in the United Arab Emirates.
Finally, Tether’s CEO, Paolo Ardoino, clarified the issuance of 2 billion USDT on the Ethereum blockchain. This move is part of a liquidity management strategy involving the distribution of USDT across various blockchains. Thus, this issuance, unrelated to new demand, becomes neutral news for the market.
Tether’s first oil transaction in the Middle East strengthens the company’s role in global trade finance while promoting the broader use of USDT in commodity trading and other sectors. This development underscores Tether’s determination to provide innovative solutions in financial technologies.
The post <a href="https://en.coin-turk.com/tether-finances-first-oil-transaction-in-the-middle-east/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Tether Finances First Oil Transaction in the Middle East</a> appeared first on <a href="https://en.coin-turk.com" data-wpel-link="internal" rel="noopener noreferrer nofollow">COINTURK NEWS</a>.

Tether Finances First Oil Transaction in the Middle East

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