Tether, the largest stablecoin issuer, is in early talks with Trafigura, one of the world's biggest commodity trading houses, about letting people pay with its USDT stablecoin at Puma Energy gas stations in El Salvador.
The pilot would focus on petrol stations run by Puma Energy, Trafigura's fuel distribution business, Bloomberg reported on May 18, citing people familiar with the matter. The talks are still early and would need regulatory approvals.
A Puma Energy spokesperson told Bloomberg the company "regularly explores new payment options to improve customer convenience and meet evolving payment preferences," adding that discussions about the El Salvador project "remain at an exploratory technical stage."
- Trafigura, one of the world's largest traders of oil, metals and other commodities, reported more than $240 billion in revenue and $2.7 billion in net profit for its 2025 financial year. Its fuel arm, Puma Energy, disclosed in a regulatory filing that it operated 2,135 retail sites across 35 countries at the end of 2025.
- The talks also land in Tether's new home market. The stablecoin issuer established its headquarters in El Salvador in January 2025 after receiving a digital asset service provider license there.