"This transaction marks the beginning, as we look to support a broader range of commodities and industries," Tether CEO Paolo Ardoino said. "With USDT, we're bringing efficiency and speed to markets that have historically relied on slower, more costly payment structures."
Tether revealed its plan to enter commodities trade finance last month, and it's also into venture capital, bitcoin mining, and artificial intelligence.
Tether's USDT stablecoin plays a foundational role in crypto trading, serving as a form of liquidity on exchanges and increasingly as payments and savings vehicles in emerging economies.
The company said it has raked in $7.7 billion in net profits this year so far, largely from yields earned on its stockpile of $80 billion U.S. Treasury bills.
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