November 8, 2024

Tether Funds First Oil Trade for Major Producer in Middle East

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Stablecoin issuer Tether said it completed the funding of its first crude oil transaction in the Middle East as part of a plan to become a lender in commodities trading.

Completed in October, the transaction was to facilitate the loading and transporting of 670,000 barrels of Middle Eastern crude oil, valued at approximately $45 million, between a “publicly traded super-major oil company and a top-tier commodity trader,” the firm said in a statement on Friday. Tether didn’t immediately respond to a request for additional comment.

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