Tether, the stablecoin issuer behind USDT, has reportedly partnered with Britannia Bank & Trust, a private bank based in The Bahamas. Clients have been instructed to send money to Britannia’s bank account over the past few months. Tether’s other banking partners include Deltec Bank and Capital Union Bank. US-based cryptocurrency firms have been seeking offshore banking partners due to increased scrutiny by US regulators. Tether’s lack of transparency regarding its balance sheet and banking relationships has raised concerns in the industry. Tether’s USDT currently dominates the stablecoin market with a market cap of $82.9 billion. The market cap has remained steady around $80-82 billion in recent months.
Summary:
– Tether has partnered with Britannia Bank & Trust in The Bahamas.
– Clients have been instructed to send money to Britannia’s bank account.
– Tether’s other banking partners include Deltec Bank and Capital Union Bank.
– US-based cryptocurrency firms are seeking offshore banking partners due to increased regulatory scrutiny.
– Concerns have been raised about Tether’s lack of transparency regarding its balance sheet and banking relationships.
– Tether’s USDT has a market cap of $82.9 billion, dominating the stablecoin market.