Stablecoin Giant Tether Looking To Deploy Billions in Profits to New Lending Venture: Report
Stablecoin issuer Tether Holdings Ltd is reportedly considering venturing into commodity trade financing amid a growing cash pile. According to a Bloomberg report, Tether Holdings, which generated $5.2 billion in net profits in the first half of 2024, is exploring the possibility of providing loans to commodities trading firms. Citing ‘people familiar with the matter,’ the report says that Tether has entered discussions with several commodities trading companies with a view of offering US dollar loans to the sector. Tether Ceo Paolo Ardoino tells Bloomberg he believes the opportunities in the commodities trading sector will be “massive in the future.” “We likely are not going to disclose how much we intend to invest in commodity trading. We are still defining the strategy. We are interested in exploring different commodity trading possibilities.” Bloomberg’s anonymous sources say Tether has also spoken with commodity trading firms about ways to...