Tether has made its debut in the commodities market by completing a $45 million transaction involving the transport of 670,000 barrels of Middle Eastern crude oil. This deal, which was finalized in October 2024, included a publicly traded oil company and a commodity trader and represents Tether's entry into oil trading. The transaction was conducted in Tether's stablecoin, USDT, and was spearheaded by Tether's Trade Finance business which aims to incorporate blockchain technology into traditional trade processes. The company plans to provide financing solutions to the commodities sector, which relies heavily on traditional banks, as Tether seeks to redefine efficiency in payment systems. Tether's CEO, Paolo Ardoino, expressed commitment to supporting a wider range of commodities and enhancing inclusivity in global finance. In Q3 2024, Tether reported earnings of $7.7 billion, totaling assets worth $134.4 billion, and has been diversifying its investments across various sectors including renewable energy and AI.

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