Commodity trading firm Trafigura is in discussions with Tether Inc. regarding a pilot project that would enable the use of Tether's stablecoin for payments at gas stations. According to informed sources, the pilot would focus on facilitating payments at fuel stations in El Salvador operated by Puma Energy, a fuel distribution unit of Trafigura. The discussions are reportedly in early stages and would require regulatory approvals. A spokesperson for Puma Energy stated the company "regularly explores new payment methods to enhance customer convenience and meet evolving payment preferences," adding that talks concerning the El Salvador project "remain at an exploratory and technical phase."
This pilot in El Salvador, a hub for cryptocurrency activity, marks the first known collaboration involving stablecoin usage between Tether, the issuer of USDT, and a major commodity trader. Concurrently, the crypto giant is expanding its efforts in the natural resources sector. Previously, Tether indicated it had provided financing for a crude oil transaction between an oil major and a commodity trader, though it did not name the parties or specify whether the deal was settled in USDT or U.S. dollars.
Beyond holding approximately $20 billion worth of gold and investing in mining companies, Tether has been exploring the idea of lending billions from its profits to commodity traders since at least 2024. CEO Paolo Ardoino stated in November that the company planned to "significantly" expand this lending business after having already disbursed $1.5 billion. However, while cash-strapped traders have shown interest in borrowing dollars from Tether's reserves, the use of the stablecoin itself in the commodity sector has been limited.
Trafigura executives and other traders are reportedly examining how stablecoins could expedite payments for commodities like gasoline in countries experiencing dollar shortages, such as those with volatile exchange rates, according to sources. This is particularly relevant as rising oil prices exacerbate dollar scarcity in poorer nations, many of which are net fuel importers.
Under the pilot plan, consumers in El Salvador would be able to use USDT to pay for fuel or snacks. An intermediary would then convert the USDT into U.S. dollars for use by Trafigura's Puma Energy. Stablecoins are a type of cryptocurrency pegged to a stable asset, typically the U.S. dollar, with their value managed through reserves of cash-like assets such as U.S. Treasuries.
Encouraged by regulatory advancements in the U.S., stablecoins experienced explosive growth last year. Data compiled by Artemis Analytics shows the total trading volume for such tokens surged 72% in 2025 to $33 trillion. According to CoinGecko, Tether has benefited significantly, with USDT's market capitalization soaring 38% to approximately $1.9 trillion and the company reporting a $10 billion profit in 2025. Simultaneously, Tether has actively diversified its investments into areas ranging from brain implants to sports teams.
A report from March indicated that Tether began discussions last year to raise capital at a valuation of around $500 billion, which would place it among the world's most valuable private companies. However, this plan is currently on hold as the company awaits the results of its first comprehensive financial audit.