Tether has invested in Middle East crude oil for the first time, extending its business beyond digital assets.
A big publicly listed oil firm and a top commodities trader are investing to load and transport roughly 670,000 barrels of crude oil.
According to a Nov. 8 release, Tether's investment arm completed the acquisition in October 2024. Tether entered the Middle Eastern crude oil market with $45 million in total value.
It also shows the crypto company's global commodities trading growth.
Tether's Trade financing business, founded earlier this year, has grown as it seeks the $10 trillion trade financing sector.
This new enterprise is part of Tether Investments' portfolio, but not its USDT stablecoin reserves. Tether said this investment is part of its growth plan, which encompasses AI, education, renewable energy, Bitcoin mining, and telecoms.
The corporation reported $7.7 billion in nine-month earnings for 2024 and over $102 billion in U.S. Treasury holdings in the third quarter attestation report.
Tether reported over $6 billion in reserves despite USDT circulation reaching approximately $120 billion in the quarter.
