Tether Partners with Britannia Bank for Dollar Transfers
Tether, the stablecoin issuer, has partnered with Bahamas-based private bank Britannia to process dollar transfers. The integration allows clients to send money to Britannia’s bank account. Tether has also integrated other banks like Deltec and Capital Union into its platform.
Regulatory Scrutiny Forces Crypto Firms Offshore
Due to increased regulatory scrutiny in the United States, many US-based crypto firms have had to seek banking partners offshore. Tether’s integration with Britannia Bank indicates that it too has been driven out of the US for its banking needs. This move allows Tether to process its dollar transfers.
Tether’s Growth and Market Dominance
Tether’s USDT stablecoin, which is pegged to the US dollar, has seen significant growth and market stability. Despite market instability, it rallied over 20% in the first quarter of 2023 and currently has a market cap of $82.9 billion, occupying 66.5% of the total crypto market.
Concerns Over Tether’s Asset Reserves
There have been concerns in the market about Tether’s transparency regarding its asset reserves. The company was involved in a class-action lawsuit, which was ultimately dismissed. However, questions remain about how Tether accesses and stores its billions of dollars in assets.
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