Tether Announces Partnership with Bahamas-Based Private Banking Institution Britannia: Report

Tether has announced a​ new partnership with Britannia⁢ Bank, ⁤becoming the third bank in the Bahamas to join ⁣forces.

Tether, the stablecoin behind USDT has reportedly added Britannia Bank & ‌Trust to its ⁣platform. Britannia Bank & Trust is a private bank based‍ in the Bahamas that processes ​dollar transfers.

⁢Bloomberg reported on Aug. 29 ⁤that Tether has instructed its customers‌ to transfer funds to Britannia Bank accounts for ⁤the past few months.

It is not clear when Tether started its banking relationship with Britannia Bank, ⁢however, ‌it has also ⁤been reported that ​Deltec Bank and Capital Union Bank are Tether’s other ‌banking partners.

Since the FTX collapse ⁢in⁤ November, US-based‍ cryptocurrency companies have been forced to seek offshore ​banking partners ​due to increasing scrutiny from ​US regulators.

Tether’s refusal ‍to ​disclose its ⁣full⁤ balance​ sheet and banking relationship has also caused FUD in the industry ‌in the past, as it was unclear how the ⁢stablecoin issuer held its $86 billion in assets.⁣

Tether’s USDT currently dominates the ⁢stablecoin ‌markets, with ⁢its $82.9 billion market cap accounting for 66.5%, according to CoinGecko. USDT’s market cap rose by over‍ 20% ‍to⁤ $80 billion in the ⁤first four‌ months ‍of 2023 – amid the banking crises surrounding Silvergate Bank Signature ‌Bank and ⁤Silicon Valley Bank – but has since settled⁢ at around​ Leveled at $80-82⁣ billion.