Tether is using a bank in Bahamas for USD transactions, not the US
1 min read
Tether is famous for saying to the media “trust us, it’s good” and acknowledging that at one point in time, they were not fully backed by legitimate reserves (IOUs don’t count).
Newest Tether Drama
It is now being reported that Tether is telling USD clients to use Britannia Bank & Trust, a private bank in the Bahamas to send USD transfers. This “partnership” has not been officially announced yet. The official USD partners are Deltec Bank and Capital Union Bank.
Why and what does this mean
I have no idea, but I find it strange that a “giant company” company like Tether could not find a US-based partner to handle USD transactions. Circle, the issuer of USDC, has no problem with using US-based banks.
Hopefully, this is just useless information that means nothing, but it is odd. Maybe if Tether upped their payroll to 40 employees they could have found a US banking partner.
submitted by /u/pbjclimbing
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