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…