The El Salvador-based company plans to ramp up financing for trading in commodities including oil, cotton, wheat and other agricultural products, Chief Executive Officer Ardoino said in an interview. Tether has lent out US dollars as well as its USDT stablecoin, which is pegged to the greenback, he added. While Tether is still a minor player compared with the most active banks in commodities lending, the vast income it generates from its almost $200b of reserves gives the company ample firepower to compete. By using USDT for lending, it can also lean on a digital currency that’s becoming more widely used in commodity-exporting regions like Latin America, Ardoino said.
| less than a minute read
Tether Plans ‘Dramatic’ Expansion in Commodity-Trade Lending
“We are going to expand dramatically. The team is super bullish,” Chief Executive Officer Paolo Ardoino said.
