Took and Tether negotiate with Salvadoran gas stations to accept stablecoin payments in USDT, marking the first entry of USDT into the bulk commodity retail payment scene.

The commodity trading company Trafigura is in talks with Tether Inc. for a pilot project aimed at using its stablecoin at gas stations. According to sources familiar with the matter, the pilot project will focus on providing payment convenience at gas stations operated by Puma Energy, a fuel distribution department under Trafigura, in El Salvador. They stated that the discussions are still in the early stages and regulatory approval is needed. A spokesperson for Puma Energy stated that the company "regularly explores new payment methods to enhance customer convenience and meet evolving payment preferences." The spokesperson added that discussions regarding the El Salvador project are still in the exploratory technological stage. The pilot project being carried out in El Salvador, a hub of the cryptocurrency industry, is the first known collaboration involving the use of stablecoins between Tether, the issuer of the stablecoin USDT, and a large commodity trader. At the same time, this cryptocurrency giant is intensifying its efforts to enter the natural resources sector. Previously, Tether had stated that it provided financing for crude oil transactions between an oil giant and a commodity trader, but did not disclose the names of either party or specify whether the transactions were carried out using USDT or US dollars. In addition to holding around $20 billion worth of gold reserves and investing in mining companies, Tether has been exploring the idea of lending its billions of dollars in profits to commodity traders since at least 2024. CEO Paolo Ardoino stated in November that the company plans to "significantly" expand this lending business after having disbursed $1.5 billion in loans. However, while cash-strapped traders have shown interest in borrowing US dollars from Tether's reserves, the application of stablecoins in the commodity sector itself is very limited. According to sources, executives and other traders at Trafigura are researching how stablecoins can expedite the payment process for gas and other commodities in countries facing a shortage of US dollars due to volatile exchange rates. This is important now as rising oil prices have exacerbated the shortage of US dollars in poorer countries, many of which are also major net fuel importers. According to the pilot plan, consumers in El Salvador will be able to use USDT to pay for fuel or snacks, with USDT being exchanged by intermediaries for dollars for use by Trafigura's Puma Energy. Stablecoins are cryptocurrencies pegged to established assets, typically the US dollar. Their value is usually managed through holding cash-like assets such as US Treasury bonds. Encouraged by regulatory progress driven by former US President Trump, stablecoins experienced explosive growth last year. Data compiled by Artemis Analytics shows that total transaction volume of such tokens surged by 72% in 2025, reaching $33 trillion. According to CoinGecko data, as the market capitalization of USDT soared by 38% to around $190 billion, Tether benefited greatly, achieving $10 billion in profits in 2025. Meanwhile, the company is actively expanding its investment business, venturing into various fields from brain implants to sports teams. In March, it was reported that Tether had begun discussing raising funds with an estimated valuation of around $500 billion last year, which would place it among the world's most valuable private companies. However, this plan has currently been put on hold as the company awaits the results of its first comprehensive financial audit.