Report: Tether Pivots to Bahamas’ Britannia Bank Amid US Banking Strains

In a latest report launched on Tuesday, undisclosed sources detailed that the agency behind the highest stablecoin in market cap, tether (USDT), is now banking with Britannia Bank & Trust. In the previous month, tether’s provide has dipped by 1.3%, leaving 82.85 billion USDT in circulation.

Undisclosed Sources Say Tether Is Working With a Privately Held Bahamas-Based Bank

On August 29, Bloomberg journalists Yueqi Yang and Olga Kharif spotlighted Tether’s new partnership with the privately held Bahamas-based Britannia Bank & Trust for its banking providers. The timeline of when Tether teamed up with Britannia stays hazy, however insiders revealed that the stablecoin big is guiding its clientele to switch funds to the financial institution’s Bahamian account quantity.

This revelation surfaces amidst challenges cryptocurrency corporations face in clinching banking affiliations inside the U.S., particularly after the monumental downfall of three main U.S. banks final March – some of the significant financial tremors within the nation’s historical past. Yang and Kharif shared that each Tether and Britannia declined to touch upon the matter. Currently, tether boasts a market cap barely surpassing $82 billion, with latest knowledge highlighting a 1.3% drop in its reservoir.

In the most recent 24-hour snapshot, USDT dominated the crypto buying and selling scene, amassing a formidable $40.18 billion in world commerce quantity out of the $72.42 billion combination. This replace is sizzling on the heels of Tether’s announcement to stop help for 3 blockchains: Omni Layer, Bitcoin Cash, and Kusama.

What do you consider Tether utilizing a brand new banking companion? Share your ideas and opinions about this topic within the feedback part beneath.