Tether, the stablecoin issuer behind USDT, has reportedly added Britannia Financial institution & Belief, a non-public financial institution based mostly in The Bahamas to course of greenback transfers on its platform.
It’s understood Tether has instructed shoppers to ship cash to Britannia’s checking account over the previous couple of months, according to an Aug. 29 report by Bloomberg, citing individuals acquainted with the matter.
Nonetheless, it isn’t clear when Tether’s banking relationship with Britannia Financial institution began, however its different reported banking companions embrace Deltec Bank and Capital Union Bank.
In current months, United States-based cryptocurrency corporations have needed to more and more look offshore for banking companions amid elevated scrutiny by U.S. regulators following the shock collapse of FTX in November.
Tether’s unwillingness to publicly disclose the complete extent of its stability sheet and banking relationships has additionally fueled business FUD (an acronym for worry, uncertainty and doubt) previously over how the stablecoin issuer shops its $86 billion in belongings.
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Tether’s USDT at present dominates the stablecoin market, with its $82.9 billion market cap representing 66.5% of the whole market, according to CoinGecko.
USDT’s market cap rallied over 20% to $80 billion over the primary 4 months of 2023 — amid the banking disaster involving Silvergate Bank, Signature Bank and Silicon Valley Bank — however has since steadied out across the $80-82 billion since then.
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