Breaking: Tether Opens $1.8 Billion Bank Account in the Bahamas

Breaking: Tether Opens $1.8 Billion Bank Account in the Bahamas

Tether Limited, the issuer of controversial USD-pegged cryptocurrency stablecoin tether (USDT), has confirmed that it has established a banking relationship with a small financial institution based out of the Bahamas.

The firm, notorious for its opaque operations, broke from standard practice on Thursday, announcing publicly that it has formed a banking partnership with Deltec Bank, a 72-year-old financial institution located in Nassau.

We are pleased to be able to confirm that Tether has an account with Deltec Bank & Trust Limited https://t.co/LSn64soUsC . Balance confirmation at 2018-10-31 attached.

— Tether (@Tether_to) November 1, 2018

Tether further published a letter from Deltec apparently confirming that the firm — accused by some of operating a fractional reserve — is holding $1.83 billion in assets at the bank, more than enough to cover the assets backing the 1.78 billion in outstanding USDT.

Prior to this public confirmation, Tether’s relationship with Deltec had first been reported by The Block.

View the letter below:

Tether Letter by CCN on Scribd

Developing…Check back for updates

Featured Image from Shutterstock

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Published at Thu, 01 Nov 2018 16:01:19 +0000