USDT payments feature in Polish energy giant’s failed $230M oil deal: FT
Tether’s USDT stablecoin was part of a failed oil trade that reportedly cost a Polish energy giant $230 million in late 2023.
Tether’s USDT stablecoin was part of a failed oil trade that reportedly cost a Polish energy giant $230 million in late 2023.
The world’s largest stablecoin by market cap, Tether’s USDt, was reportedly used in a failed Venezuelan oil trade that cost Poland’s largest energy giant $230 million in late 2023, according to the Financial Times.
That was after the Caracas-based state oil company, PDVSA, began demanding partial payments in USDT as a workaround to US financial sanctions.
Hannon later sent Dubai-based Horizon Global $135 million, but claimed it only received $85 million in USDT, leaving a $50 million shortfall. Horizon has contested these claims.