Tether’s bank partner, Britannia Financial, is facing a lawsuit over allegations of failing to pay the full price for revenue-generating assets related to a large deposit from Tether. The lawsuit, filed by Arbitral International, claims that Britannia did not fulfill its payment obligations regarding the acquisition of Arbitral Securities, a brokerage business based in the Bahamas. The agreement between Britannia and Arbitral included an additional payment based on the number of revenue-generating assets held by Arbitral Securities a year after the sale. Tether, a stablecoin firm, opened an account with a subsidiary of Britannia Financial in November 2021. The lawsuit comes after Tether added Britannia Bank and Trust as a banking partner for dollar transfers on its platform. Tether’s USDT stablecoin has been gaining momentum in the market, with its market capitalization reaching $88 billion. This growth has been attributed to factors such as market excitement around the possible approval of a spot Bitcoin exchange-traded fund and increasing demand in emerging markets like Brazil. Both Tether and Britannia Financial have not yet responded to requests for comment.

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Information	Details
Geography	Europe
Countries	🇧🇸 🇻🇬
Sentiment	neutral
Relevance Score	1
People	Janice McAfee, Paolo Ardoino, Aldo Mazzella
Companies	Arbitral International, Britannia Financial, High Court of Justice in London, Arbitral Securities, Deltec Bank, Britannia Securities, CoinGecko, Bloomberg, Tether, Aldo Mazzella, Capital Union Bank
Currencies	Bitcoin, US Dollar, Tether
Securities	None