Tether Forms Banking Partnership with Britannia Bank & Trust in the Bahamas amidst Regulatory Scrutiny
Summary:
Tether partners with Britannia Bank & Trust in The Bahamas for processing dollar transfers on its platform. The move comes as US-based cryptocurrency firms seek offshore banking partners amidst increased regulatory scrutiny. Tether's dominance in the stablecoin market remains strong, with a market cap of $82.9 billion.
Tether, the issuer of the stablecoin USDT, has reportedly partnered with Britannia Bank & Trust, a private bank in The Bahamas, to process dollar transfers on its platform. According to sources familiar with the matter, Tether has instructed its clients to send money to Britannia's bank account over the past few months. Although the exact start date of their banking relationship is unclear, Tether has previously been associated with Deltec Bank and Capital Union Bank. With increased regulatory scrutiny on U.S. cryptocurrency firms, many have sought offshore banking partners. Tether's lack of transparency regarding its balance sheet and banking relationships has raised concerns in the industry. Currently, USDT dominates the stablecoin market, capturing 66.5% of the total market with a market cap of $82.9 billion. The market cap of USDT experienced a 20% increase in the first four months of 2023 but has since stabilized around $80-82 billion.
Published At
8/29/2023 10:56:21 PM
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