Tether Funds First Oil Trade for Major Producer in Middle East

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.