HomeÚltimas NoticiasAltcoinsTether adds Bahamas-based private bank Britannia as partner: Report

Tether adds Bahamas-based private bank Britannia as partner: Report


Tether, the stablecoin issuer behind USDT, has reportedly added Britannia Bank & Trust, a private bank based in The Bahamas to process dollar transfers on its platform.

It is understood Tether has instructed clients to send money to Britannia’s bank account over the last few months, according to an Aug. 29 report by Bloomberg, citing people familiar with the matter.

However, it isn’t clear when Tether’s banking relationship with Britannia Bank started, but its other reported banking partners include Deltec Bank and Capital Union Bank.

In recent months, United States-based cryptocurrency firms have had to increasingly look offshore for banking partners amid increased scrutiny by U.S. regulators following the shock collapse of FTX in November.

Tether’s unwillingness to publicly disclose the full extent of its balance sheet and banking relationships has also fueled industry FUD (an acronym for fear, uncertainty and doubt) in the past over how the stablecoin issuer stores its $86 billion in assets.

Related: US Fed steps up oversight of banks’ involvement with crypto firms

Tether’s USDT currently dominates the stablecoin market, with its $82.9 billion market cap representing 66.5% of the total market, according to CoinGecko.

USDT’s market cap rallied over 20% to $80 billion over the first four months of 2023 — amid the banking crisis involving Silvergate Bank, Signature Bank and Silicon Valley Bank — but has since steadied out around the $80-82 billion since then.

USDT’s change in market cap over the last 12 months. Source: CoinGecko

Magazine: Unstablecoins: Depegging, bank runs and other risks loom


Reciba noticias de Vimilin desde Google news


Please enter your comment!
Please enter your name here


BTC price shows ‘textbook’ Wyckoff moves as Bitcoin bulls defend $25K

Bitcoin (BTC) consolidated higher on Sept. 15 as analysis described recent BTC price behavior as “textbook.”Collect this article as an NFT to preserve this moment...

Magic Eden integrates Solana’s compressed NFTs into marketplace

Nonfungible token (NFT) marketplace Magic Eden has announced that it will support Solana’s compressed NFTs (cNFTs) to provide a cost-efficient and scalable alternative to owning...

House Democrats back Biden candidacy as calls for president to drop out intensify on the left

FIRST ON FOX: House Democrats appear to be behind another Biden-Harris ticket, even as President Biden is being discouraged against running by some on the...

3 Standout Stocks to Buy as Worse-Than-Expected CPI Numbers Revive Inflation Fears

The August CPI report showed headline annual inflation rising 3.7% compared to the 3.2% reading seen in July and a 3.0% increase in June. As inflation...

Más popular