Bloomberg: Tether is exploring offering loans to commodity trading companies
According to Bloomberg citing informed sources, stablecoin issuer Tether is exploring offering loans to commodity trading companies in an attempt to allocate its billions of dollars in profits. It has discussed dollar loan opportunities with several companies in the credit-scarce industry. In an interview with Bloomberg, Tether CEO Paolo Ardoino confirmed that "the company is exploring opportunities in the commodities sector and these explorations are at an early stage; we may not disclose how much we intend to invest in commodity trading. We are still formulating strategies and are interested in exploring different possibilities for commodity trading." Insiders said that Tether has hired a team to develop trade financing opportunities, and its investment department, Tether Investments, evaluates hundreds of projects each month, focusing on alternative financial infrastructure in emerging markets, artificial intelligence and biotechnology.
In its latest financial statement released in July, Tether reported a profit of $5.2 billion for the first half of 2024.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Pi Network: Will mainnet KYC upgrades save PI crypto from drop to $0.076?
Why Is Tether Bringing USDT Back to Bitcoin Now? Morgan Stanley Offers a Clue
Swiss Franc: Dovish SNB keeps CHF under pressure against US Dollar – ING
Japan Central Bank inflation indicators accelerate, providing grounds for further interest rate hikes
An indicator used by the Bank of Japan to measure underlying inflation accelerated last month, significantly exceeding its target level, providing further justification for continuing to raise the benchmark interest rate.
Crypto prices
More
