Skip to main content

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.



from Bitcoin News https://ift.tt/FEVuO40
Labels:

Comments

Post a Comment

Popular posts from this blog

Mt Gox Creditors Updated, Trustee Says Rehabilitation Custodian Is ‘Currently Preparing to Make Repayments’

On August 31, 2022, the Mt Gox trustee Nobuaki Kobayashi explained in a recent letter that the rehabilitation custodian is “currently preparing to make repayments” to Mt Gox creditors. Trustee Updates Mt Gox Creditors — Repayment Date and Exchange Still Unknown Last week speculation and rumors concerning the release of 140K bitcoin ( BTC ) from Mt Gox littered social media platforms and headlines. Bitcoin.com News covered the situation six days ago as a number of people and Mt Gox creditors called the rumors “ fake news .” During that same period of time, a bitcoin whale transferred 10,000 BTC to unknown wallets, and a 2018 annotation , heuristics, and clustering methods show the funds likely originated from the June 2011 Mt Gox hacks. Following the mysterious whale transfer, last Wednesday, Mt Gox published an official update from the court trustee Nobuaki Kobayashi that explains the court is “currently preparing to make repayments” to creditors. Mt Gox creditors have been wait...
Post a Comment
Read more

International Crypto Exchange Luno Adds Bitcoin Cash Trading

Luno exchange has added bitcoin cash trading to the platform following feedback from its client base. BCH is now only the third cryptocurrency available for trading on the exchange, in addition to BTC and ETH , but more options could be on the way once Luno determines that they are credible enough. Also Read: Bitflyer Adds Bitcoin Cash Trading Across Europe and the US Luno Adds Bitcoin Cash Trading Luno, the London-headquartered company formerly known as Bitx, recently announced that bitcoin cash was made available on its cryptocurrency exchange. Starting from Monday, September 23, customers at Luno are now able to store, buy and sell BCH on the platform. The reason given for adding BCH to the exchange is feedback from users in developing markets that convinced Luno to expand their offering from previously just BTC and ETH . Marcus Swanepoel, CEO of Luno, said , “We are in a new and exciting financial era. Developing economies are leading the large-scale adoption and appli...
Post a Comment
Read more

DefiDollar Listing on AscendEX

PRESS RELEASE. AscendEX, formerly BitMax, an industry-leading digital asset trading platform built by Wall Street quant trading veterans, has announced the listing of the DefiDollar Token (DFD) under the pair USDT/DFD on Apr 29 at 1:00 p.m. UTC. DefiDollar is a DeFi lab that aims to bring mass adoption to DeFi with a wide-ranging product suite. The first product offering to go live will be the stablecoin index – DUSD, with ibBTC and optionCoin currently in development. DefiDollar (DUSD) aspires to be a risk-insured stablecoin layer for DeFi. It is designed to provide a safe and stable way for users to hold their assets with DUSD being optimized for peg safety, yield, and diversification. DefiDollar uses DeFi primitives to stay close to the dollar mark. DUSD provides an avenue for diversifying stablecoin holdings to hedge against an event where the underlying stablecoins like Tether or DAI deviate from their peg. DUSD is collateralized by Curve Finance LP tokens. DFD is the n...
Post a Comment
Read more