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Home»ALTCOIN NEWS»Stablecoin Giant Tether Seeks to Distribute Billions of Dollars in Profits to New Lending Venture: Report
ALTCOIN NEWS

Stablecoin Giant Tether Seeks to Distribute Billions of Dollars in Profits to New Lending Venture: Report

By Crypto FlexsOctober 16, 20242 Mins Read
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Stablecoin Giant Tether Seeks to Distribute Billions of Dollars in Profits to New Lending Venture: Report
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Stablecoin issuer Tether Holdings Ltd is reportedly considering entering the commodity trade finance business amid growing cash reserves.

Tether Holdings, which generated $5.2 billion in net profit in the first half of 2024, is exploring the possibility of providing loans to commodity trading companies, according to a Bloomberg report.

The report, citing “people familiar with the matter,” said Tether has begun discussions with several commodity trading firms with a view to providing U.S. dollar loans to the sector.

Tether CEO Paolo Ardoino told Bloomberg that he believes the opportunities in the commodity trading sector “will be huge in the future.”

“We will not disclose how much we will invest in commodity trading. We are still defining our strategy. We are interested in exploring the possibilities of trading different commodities.”

According to Bloomberg’s anonymous sources, Tether has also been in discussions with commodity trading firms about leveraging USDT, its flagship stablecoin, to facilitate operations.

According to Bloomberg, large commodity trading firms have easy access to credit, while smaller firms are at a disadvantage in this respect. The report added that Tether’s financing could potentially be an attractive source of credit for commodity trading firms because it may not be subject to the same regulatory hurdles as traditional banks.

USDT currently boasts a market cap of over $119 billion, while its closest competitor, Circle’s USDC, has a market cap of just under $35 billion.

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