Trafigura and Tether Discuss Piloting Stablecoin Payments at Gas Stations

According to Bloomberg, Trafigura Group, one of the world's largest commodity traders, is in discussions with Tether about a pilot project to use USDT for payments at gas stations operated by its fuel distribution subsidiary, Puma Energy, in El Salvador. The project is still in early stages of discussion.

This would be the first known practical use collaboration discussion of stablecoins between Tether and a major commodity trader. Previously, Tether had revealed that it provided financing for crude oil transactions between an oil giant and a commodity trader, but did not disclose the specific parties involved, nor did it specify whether USDT was used for settlement.

The key to this discussion is not just "whether USDT can be used for refueling," but whether stablecoins can truly enter the terminal consumption link of commodities. If the pilot project is implemented, consumers in El Salvador will be able to use USDT to purchase fuel or convenience store goods, and the intermediary will convert USDT into US dollars and pay Puma Energy.

The background of stablecoins entering fuel payment is that countries with dollar shortages are facing increasingly severe payment and exchange pressure. Sources said that Trafigura executives and other traders are studying how to use stablecoins to speed up the payment process for commodities such as gasoline, especially in markets with dollar shortages and large exchange rate fluctuations. As rising oil prices further exacerbate the dollar shortage in poor countries, and most of these countries are net fuel importers, any tool that can quickly complete dollar-denominated payments will naturally receive high attention from the fuel supply chain.

At the same time, Tether is accelerating its layout in the field of natural resources. In addition to holding approximately $20 billion in gold and investing in mining companies, Tether has been exploring lending its billions of dollars in profits to commodity traders since at least 2024. CEO Paolo Ardoino said last November that he plans to "significantly" expand this business on top of the $1.5 billion in loans already issued.

This expansion benefits from the strong growth of the stablecoin business itself. According to Artemis Analytics data, the total transaction volume of stablecoins in 2025 increased by 72% year-on-year to $33 trillion; the market value of USDT increased by 38% to approximately $190 billion during the same period, and Tether's annual profit reached $10 billion.