Crypto giant Tether among former lenders to Radiant World

Embattled commodity trader Radiant World secured financing from stablecoin issuer Tether in 2024 for its base metals trading business, according to people familiar with the arrangement.

In late 2024, shortly after expanding into commodity trade finance, Tether provided Radiant World with a committed facility worth US$150mn, one of the people said. The facility was intended to fund the firm’s base metals trading.

The facility was repaid and Tether is not believed to have any remaining exposure to the company, two of the people said.

Tether issues USDT, the world’s largest stablecoin by value, and had already indicated it was making a foray into trade finance lending although public details of its activity have been scant.

Its financing of Radiant World has not previously been reported. The iron ore and metals trader has come under intense scrutiny and is facing lawsuits from lenders that allege it used fake invoices to obtain financing for its large iron ore trading activities. Radiant World has denied the allegations.

The metals business was distinct from Radiant World’s iron ore activity, which was largely managed from Asia, according to people familiar with the company.

One of the people said the credit line from Tether was envisaged as a pilot that could expand into a larger relationship, but said Tether chose not to renew the facility.