Stable Coin leader Tether has announced that its trading finance department provided funding for a Middle East oil transaction for the first time in October this year, involving the loading and transportation of 670,000 barrels of Middle Eastern crude oil, with a transaction amount of up to 45 million US dollars. (Background: Tether earned a net profit of 2.5 billion US dollars in Q3 by relying on gold and US bonds! Total assets and equity hit record highs) (Background: Tether proposes to 'tokenize' boron salt mines in Turkey and establish a Cryptocurrency exchange in Istanbul) Stable Coin leader Tether was revealed by Bloomberg in October this year that it has discussed opportunities for dollar loans with multiple commodity traders, intending to use its Stable Coin USDT for more mainstream bulk commodity trading. On November 8th, Tether officially announced that its trading finance department had participated in a Middle East oil transaction for the first time in October this year. According to Tether, the transaction involved a collaboration between a listed oil company and a bulk commodity trader, involving the loading and transportation of 670,000 barrels of Middle Eastern crude oil, with a transaction amount of up to 45 million US dollars. Simplifying global trade processes According to Tether's press release, Tether's trading finance business was launched earlier this year and operates separately from its Stable Coin reserve business, with the aim of simplifying the processes required for global trade by providing convenient capital solutions to support the 10 trillion US dollar trade finance industry. In response, Tether CEO Paolo Ardoino stated in the press release: Tether's support for this significant crude oil transaction demonstrates our commitment to reshaping the trade finance landscape. Through Tether's Stable Coin USDT, we bring efficiency and speed to markets that have historically relied on slow and costly payment structures. This transaction is just the beginning, and we hope to support more categories of commodities and industries to promote greater flexibility and innovation in global finance. Lastly, Tether also stated that USDT has unique advantages over TradFi lending, not only reducing trade costs but also complying with anti-Money Laundering standards, while also enhancing transaction transparency and trust based on the Blockchain network. What is trade finance? Trade finance is mainly used to support international trade. It allows importers and exporters to obtain the necessary funds during the trading process and reduce risks. Basically, trade finance is to ensure that the exporter obtains payment security before the goods are shipped, and the importer can make payment only after the goods are dumped or arrive. The main tools of trade finance include letters of credit (L/C), bank guarantees (BG), accounts receivable financing, and bill discounting. These tools can help reduce trust risks for both buyers and sellers and facilitate smooth transactions. For example, a letter of credit allows the seller to receive funds immediately after submitting dumping proof documents, while the buyer can make payment after confirming that the goods have been dumped or arrived. Through trade finance, importers and exporters can not only increase liquidity but also reduce risks in transactions, ensuring the safe and effective exchange of funds and goods. USDT Market Cap exceeds 132.5 billion US dollars According to CoinGecko data, Tether's Stable Coin USDT Market Cap has exceeded 132.5 billion US dollars, with a 24-hour volume of 127.1 billion US dollars, ranking only behind Bitcoin and Ethereum in the overall Cryptocurrency market. Related Reports US Treasury Department advocates: Stable Coins should be replaced by CBDCs, and Tether's collapse would be a national debt disaster. WSJ: Tether is the underground financial king disrupting global sanctions operations, and S&P rating of USDT approaches the most dangerous level. Tether CEO: The US government can kill USDT with a single button, and we will not confront the authorities. 'Tether Completes 45 Million USDT Crude Oil Transaction, Aiming at the 10 Trillion US Dollar Trade Finance Market' was first published on BlockTempo, the most influential Blockchain news media in the Block sector.
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Tether completes $45 million USDT crude oil transaction, targeting the $10 trillion trade financing market
Stable Coin leader Tether has announced that its trading finance department provided funding for a Middle East oil transaction for the first time in October this year, involving the loading and transportation of 670,000 barrels of Middle Eastern crude oil, with a transaction amount of up to 45 million US dollars. (Background: Tether earned a net profit of 2.5 billion US dollars in Q3 by relying on gold and US bonds! Total assets and equity hit record highs) (Background: Tether proposes to 'tokenize' boron salt mines in Turkey and establish a Cryptocurrency exchange in Istanbul) Stable Coin leader Tether was revealed by Bloomberg in October this year that it has discussed opportunities for dollar loans with multiple commodity traders, intending to use its Stable Coin USDT for more mainstream bulk commodity trading. On November 8th, Tether officially announced that its trading finance department had participated in a Middle East oil transaction for the first time in October this year. According to Tether, the transaction involved a collaboration between a listed oil company and a bulk commodity trader, involving the loading and transportation of 670,000 barrels of Middle Eastern crude oil, with a transaction amount of up to 45 million US dollars. Simplifying global trade processes According to Tether's press release, Tether's trading finance business was launched earlier this year and operates separately from its Stable Coin reserve business, with the aim of simplifying the processes required for global trade by providing convenient capital solutions to support the 10 trillion US dollar trade finance industry. In response, Tether CEO Paolo Ardoino stated in the press release: Tether's support for this significant crude oil transaction demonstrates our commitment to reshaping the trade finance landscape. Through Tether's Stable Coin USDT, we bring efficiency and speed to markets that have historically relied on slow and costly payment structures. This transaction is just the beginning, and we hope to support more categories of commodities and industries to promote greater flexibility and innovation in global finance. Lastly, Tether also stated that USDT has unique advantages over TradFi lending, not only reducing trade costs but also complying with anti-Money Laundering standards, while also enhancing transaction transparency and trust based on the Blockchain network. What is trade finance? Trade finance is mainly used to support international trade. It allows importers and exporters to obtain the necessary funds during the trading process and reduce risks. Basically, trade finance is to ensure that the exporter obtains payment security before the goods are shipped, and the importer can make payment only after the goods are dumped or arrive. The main tools of trade finance include letters of credit (L/C), bank guarantees (BG), accounts receivable financing, and bill discounting. These tools can help reduce trust risks for both buyers and sellers and facilitate smooth transactions. For example, a letter of credit allows the seller to receive funds immediately after submitting dumping proof documents, while the buyer can make payment after confirming that the goods have been dumped or arrived. Through trade finance, importers and exporters can not only increase liquidity but also reduce risks in transactions, ensuring the safe and effective exchange of funds and goods. USDT Market Cap exceeds 132.5 billion US dollars According to CoinGecko data, Tether's Stable Coin USDT Market Cap has exceeded 132.5 billion US dollars, with a 24-hour volume of 127.1 billion US dollars, ranking only behind Bitcoin and Ethereum in the overall Cryptocurrency market. Related Reports US Treasury Department advocates: Stable Coins should be replaced by CBDCs, and Tether's collapse would be a national debt disaster. WSJ: Tether is the underground financial king disrupting global sanctions operations, and S&P rating of USDT approaches the most dangerous level. Tether CEO: The US government can kill USDT with a single button, and we will not confront the authorities. 'Tether Completes 45 Million USDT Crude Oil Transaction, Aiming at the 10 Trillion US Dollar Trade Finance Market' was first published on BlockTempo, the most influential Blockchain news media in the Block sector.