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

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

In a recent report released on Tuesday, undisclosed sources detailed that the firm behind the top stablecoin in market cap, tether (USDT), is now banking with Britannia Bank & Trust. In the past month, tether’s supply 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 services. The timeline of when Tether teamed up with Britannia remains hazy, but insiders revealed that the stablecoin giant is guiding its clientele to transfer funds to the bank’s Bahamian account number.

This revelation surfaces amidst challenges cryptocurrency firms face in clinching banking affiliations within the U.S., especially after the monumental downfall of three major U.S. banks last March – one of the most significant financial tremors in the nation’s history. Yang and Kharif shared that both Tether and Britannia declined to comment on the matter. Currently, tether boasts a market cap slightly surpassing $82 billion, with recent data highlighting a 1.3% drop in its reservoir.

In the latest 24-hour snapshot, USDT dominated the crypto trading scene, amassing an impressive $40.18 billion in global trade volume out of the $72.42 billion aggregate. This update is hot on the heels of Tether’s announcement to cease support for three blockchains: Omni Layer, Bitcoin Cash, and Kusama.

What do you think about Tether using a new banking partner? Share your thoughts and opinions about this subject in the comments section below.



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