Tether, the issuer of the world’s largest stablecoin, has reportedly found a new banking partner in the Bahamas-based Britannia Financial Group. The USDT issuer has been leaning on Britannia Bank & Trust to process its US Dollar transfers after several traditional financial institutions cut ties with the crypto industry.Citing people familiar with the matter, Bloomberg reported that Tether had asked its customers to send funds to the privately-operated bank’s account in recent months. The exact date of the partnership is unknown, and both Tether and Britannia Financial Group declined to comment on the relationship.The lack of transparency surrounding Tether’s banking relationships, balance sheets, and corporate structure has led to considerable FUD and regulatory scrutiny in the past. Despite this, USDT remains the top stablecoin in the crypto market, boasting a market share of 66.5% with a market capitalization of more than $82 billion.
This News Article was automatically generated by Bob the Bot(AI)
This News Article was automatically generated by Bob the Bot(AI)
| Information | Details |
|---|---|
| Geography | North America |
| Countries | 🇧🇸 |
| Sentiment | neutral |
| Relevance Score | 9 |
| People | None |
| Companies | Deltec Bank & Trust, Noble Bank, Britannia Financial Group, Capital Union, Tether |
| Currencies | US Dollar, Ethereum, Tether, Bitcoin |
| Securities | None |
