On April 1, 2026, a new category of assets appeared on the crypto market – tokenized perpetual energy contracts. On this day, three instruments were launched simultaneously: CL (CLUSDT) – pegged to WTI oil, BZ (BZUSDT) – to Brent oil, and NATGAS – to natural gas. All three offer leverage up to 100x, settlements in USDT, and 24/7 trading.

The timing of the launch was not accidental. Since the end of February 2026, global energy markets have been in turmoil due to the escalation of the conflict with Iran. Following a series of coordinated strikes by the US and Israel on Iranian infrastructure as part of operations Epic Fury and Roaring Lion, oil began a steady rise. Iran responded with restrictions in the Strait of Hormuz – a narrow waterway through which about 20% of global oil and LNG supplies pass. The market reacted instantly: WTI quotes moved from levels of $70–75 at the beginning of the year to the range of $95–102 per barrel by May.

It was against this backdrop that the crypto infrastructure launched its own oil trading instruments – the demand for hedging and speculating on energy assets reached its peak.

What is CL and what is it backed by

It's important to understand: CL is not a classic crypto coin. It has no issuance, no tokenomics, no underlying blockchain, no development team, and no vesting. CL is a synthetic perpetual future that tracks the price of a WTI oil barrel through a system of oracles linked to the nearest active futures contract on NYMEX (CME Group).

The backing here works differently than with tokens. The contract is settled in USDT cash – there is no physical delivery of oil barrels, nor can there be. 1 CL contract = 1 WTI barrel, the price is denominated in dollars. In essence, by holding a CL position, a trader does not own oil – they are betting on its price movement, backed by a dollar stablecoin as collateral.

The ticker CL itself is the long-standing exchange symbol for WTI Light Sweet Crude Oil, used on NYMEX for decades.

Why was this created

• 24/7 access to oil. Classic commodity exchanges operate on a schedule, closed on weekends and at night. Crypto perpetuals offer the ability to react instantly to OPEC+ news, geopolitics, and force majeure events.
• Low entry barrier. Trading futures on CME requires a brokerage account, FCM, and capital for margin – an institutional tool. For CL, a crypto wallet and a deposit of as little as 5 USDT are sufficient.
• Leverage up to 100x. Such leverage is not available to retail traders in the traditional market. In crypto, it's standard.
• RWA expansion strategy. This is part of the global trend of 'real-world assets on the blockchain': before oil, tokenized gold and silver were launched, followed by stocks, currency pairs, and indices.

How CL differs from BZ

CL and BZ appear as twins – both represent 1 barrel of oil, both are denominated in dollars, and settled in USDT. The differences lie in the underlying asset.

• CL tracks WTI (West Texas Intermediate) – American shale oil, produced in Texas and North Dakota, delivered to Cushing, Oklahoma, via pipelines. It's a lighter oil: API gravity 39.6°, sulfur content 0.24%. It's better suited for gasoline production and trades slightly cheaper.
• BZ tracks Brent – North Sea oil (a blend of BFOET: Brent, Forties, Oseberg, Ekofisk, Troll), produced offshore and delivered by sea via the Scottish Sullom Voe terminal. API gravity 38.06°, sulfur 0.37%. It's slightly heavier and less 'sweet'.

The main difference is in the price drivers. WTI is sensitive to Cushing inventories, US pipeline capacity, and domestic production. Brent reacts more strongly to geopolitics: the Strait of Hormuz, OPEC+, maritime routes, sanctions against Iran and Russia. Amid the Iranian crisis, Brent traded at a premium to WTI of $4–6 per barrel – this is the 'geopolitical premium'. WTI is the US benchmark, Brent is the international one (approximately two-thirds of global oil trade is oriented towards it).

Risks

• Volatility of the underlying asset – oil depends on geopolitics, OPEC+ decisions, hurricanes, EIA reports, and Fed actions.
• Extreme leverage – at 100x, a 1% movement against the position means total liquidation.
• Funding rate – deductions occur every 4 hours; in trending markets, they can erode a position even if it's in the correct direction.
• The April 2020 precedent – when WTI went into negative territory down to -$37 per barrel. With 100x leverage on a perpetual, such a scenario would lead to mass instant bankruptcies.

Conclusion

CL is a convenient wrapper for trading oil on crypto rails, appearing precisely at a time when geopolitics created maximum demand. It's not an investment in oil, but a bet on its price movement with high leverage. For an experienced trader, it's a powerful tool. For a beginner with 100x leverage, it's an almost guaranteed path to liquidation.

And remember: despite CL being a token backed by a real asset, it remains a highly volatile instrument. Be attentive and assess the risks soberly.

The material does not constitute financial advice. Trade at your own risk.