PANews reported on May 19th, citing Bloomberg, that multinational commodities trader Trafigura Group is in discussions with Tether regarding a pilot project to allow payments using the stablecoin USDT at gas stations in El Salvador. The pilot will focus on gas stations operated by Puma Energy, Trafigura's fuel distribution arm. Salvadoran consumers could use USDT to pay for fuel or snacks, which would then be converted into US dollars by an intermediary and transferred to Trafigura. Discussions are in the early stages and require regulatory approval. A Puma Energy spokesperson stated that the discussions are still in the exploratory technical phase.

This marks the first known collaboration between Tether and a major commodities trader involving the use of stablecoins. Tether previously stated it funded an oil deal but did not disclose specific details. Tether's CEO stated last November that there were plans to "significantly" expand its lending business to commodities traders, having already disbursed $1.5 billion in loans.