Breaking: Tether Opens $1.8 Billion Bank Account in the Bahamas
Tether Limited, the issuer of controversial USD-pegged cryptocurrency stablecoin tether (USDT), has confirmed that it has established a banking relationship with a small financial institution based out of the Bahamas.
The cryptocurrency firm, notorious for its opaque operations, broke from standard practice on Thursday, announcing publicly that it has formed a banking partnership with Deltec Bank, a 72-year-old financial institution located in Nassau.
Writing in the announcement, Tether said that Deltec had only opened the account after a several month review that included evaluating whether the company could maintain the USDT token’s $1.00 peg. That, peg, as CCN reported, has faltered in recent weeks, even as Tether has redeemed more than $1 billion worth of the token at full face value since the beginning of October.
See the full story here: https://www.ccn.com/breaking-tether-confirms-its-banking-at-nassau-based-deltec-bank/