Tether finds a new banking partner in the Bahamas: Bloomberg

The issuer of the largest stablecoin of the market, Tetherworks with the bank private bahamian bank Britannia Bank & Trust for transfers in american dollaraccording to the news agency.

Tether is now working with a new bank based in the Bahamas to process transfers from its stablecoin USDTreported Bloomberg on Tuesday, citing people close to the matter.

Britannia Bank & Trust is a subsidiary of Britannia Financial Group, a British financial services company.

Based in the British Virgin Islands, the issuer, whose token currently weighs in at over $80 billion, has never really revealed the extent of its banking relationships. He did not wish to comment on this new banking partner.

Britannia Bank & Trust and Tether have been working together for several months, according to the sources, who say they don’t know exactly when the partnership began.

The secrecy surrounding Tether’s banking relationships continues to be a major impediment to the development of the cryptocurrency sector, deterring regulatory approvals on other matters and discouraging traditional asset managers with little tolerance for regulatory risk from participating more actively in the sector,” said Patrick Tan, attorney for blockchain startup ChainArgos.

Unlike theUSDCUSDT was unaffected by the banking crisis in the United States last spring, which caused Circle’s stablecoin to fall below $1. The conglomerate’s subsidiary iFinex would be much less dependent on the US than its main rival.

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According to documents recently obtained by the American media CoindeskBy 2021, Tether was holding most of its funds in Bahamian banks. Ansbacher, Capital Union Bank and Deltec Bank and Taiwanese institution Far Eastern International Bank.

At the end of July, the issuer published its results for Q2 2023 and announced an $850 million increase in its excess reserves.

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