Bloomberg has learned about Tether's dollar payments through a Bahamas bank

Bloomberg has learned about Tether's dollar payments through a Bahamas bank

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Author: Robert Strickland (crypto-journalist)
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Bloomberg has learned about Tether's dollar payments through a Bahamas bank

Bloomberg reported that dollar payments for Tether are made by a private bank in the Bahamas



Tether does not usually disclose full details of its banking partners

When the company's relationship with the bank began, the publication does not specify, but notes, citing sources, that Tether in recent months recommended customers to transfer money to the accounts of this bank. Tether does not usually disclose data about its banking partners, which gives rise to various speculations about where the company keeps its $86 billion in assets, the publication said.

Tether CTO Paolo Ardoino told Bloomberg in March that the company's banking partners include Bahamian lenders Deltec Bank & Trust Ltd. and Capital Union Bank, and Cantor Fitzgerald is the custodian of its Treasury bills.

USDT remains the leader among digital currencies pegged to the dollar. The total value of Tether stablecoins in circulation increased by about 24% in 2023, to $82 billion, the article specifies. As of August 30, USDT has a market capitalization of $82.8 billion, according to Coingecko.

In July, Forbes named the four owners of Tether as dollar billionaires. If the company is sold, its four owners will be able to raise a total of $9 billion, the publication calculated.

 

 

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