Tether has announced that its investment division has financed 670,000 barrels of Middle Eastern crude oil valued at $45 million. This marks a strategic move for the issuer of the USDT stablecoin as it seeks to establish a foothold in the $10 trillion global trade finance market.

The transaction, involving a publicly traded super-major oil company and a top-tier commodity trader, aims to enhance efficiency and speed in markets that have relied on slower and costlier payment methods. "This transaction marks the beginning, as we look to support a broader range of commodities and industries," said Tether's CEO, Paolo Ardoino. Tether continues to leverage its USDT stablecoin as a critical asset in crypto trading, serving various financial needs in emerging markets.