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Tether, the company that issues the popular USDT cryptocurrency, has recently partnered with Britannia Bank & Trust, a Bahamian financial institution, to handle dollar-based transactions on its network. Sources revealed to Bloomberg on August 29 that over the past several months, Tether has been directing its clients to use Britannia Bank for their monetary exchanges.
Tether's affiliation with Britannia Bank began at an unspecified date. Prior to this, Tether maintained business connections with other banks such as Deltec Bank and Capital Union Bank. While the timing of this relationship remains unclear, it does signify an essential shift in business partnerships for Tether.
This move comes as United States-based crypto companies find themselves increasingly compelled to explore offshore banking options. Regulatory eyes have been keenly focused on the sector since FTX, a cryptocurrency platform, unexpectedly went under in November. Against this backdrop, Tether's discreetness concerning its comprehensive financials and affiliations has contributed to ongoing skepticism in the cryptocurrency world. There has been significant concern about how Tether manages its assets, currently valued at $86 billion.
In terms of market presence, Tether’s USDT stablecoin holds a formidable position. Data from CoinGecko indicates that the stablecoin has a $82.9 billion market cap, accounting for a dominating 67% slice of the overall stablecoin market. Earlier this year, Tether’s market cap saw a notable surge, going up more than 20% to $80 billion during a period marked by banking disruptions involving institutions like Silvergate Bank, Signature Bank, and Silicon Valley Bank. The market cap has since stabilized between $80 and $82 billion.
Tether is the company responsible for issuing USDT, a stablecoin pegged to the U.S. dollar. Its commanding presence in the stablecoin sector, along with its newly revealed banking partnership with Bahamas-based Britannia Bank, highlights the adaptive strategies Tether is taking to navigate regulatory and financial challenges in the dynamic world of cryptocurrencies.
