ChainCatcher news, according to official sources, the investment division of the stablecoin issuer Tether, Tether Trade Finance, has completed its first financing for a Middle Eastern crude oil transaction.It is reported that the transaction was completed in October 2024 and aims to facilitate the loading and transportation of 670,000 barrels of Middle Eastern crude oil, valued at approximately 45 million dollars.

ChainCatcher news, according to Reuters, Venezuela's state oil company PDVSA plans to increase the use of Tether to export crude oil and fuel oil, a move prompted by the recent decision of the United States to reimpose sanctions on the country.Last year, PDVSA began gradually shifting its oil sales to Tether. The company plans to convert many spot oil transactions into contracts that require prepayment in Tether and is asking new customers to hold cryptocurrency for transactions. Since cryptocurrency transactions are not regulated by any trade compliance departments, PDVSA and its trading partners need to work with intermediaries, which may reduce the company's profit margins.

ChainCatcher news, according to China Daily, with the first crude oil transaction settled in digital yuan on Thursday, China's currency internationalization process has taken a significant step forward. By purchasing 1 million barrels of crude oil, China National Petroleum Corporation completed the first international crude oil transaction settled in digital yuan at the Shanghai Petroleum and Natural Gas Exchange (SHPGX). However, the announcement released by the Shanghai Petroleum and Natural Gas Exchange on Friday did not disclose the exact value of the transaction or the identity of the seller.The Shanghai Petroleum and Natural Gas Exchange announced on its website that the transaction is part of its efforts to meet the Shanghai municipal government's requirements for using electronic yuan in cross-border trade.