Tether adds Bahamas-based private bank Britannia as partner: Report

Tether, the stablecoin issuer behind USDT, has actually reportedly added Britannia Bank & & Trust, a personal bank based in The Bahamas to process dollar transfers on its platform.It is understood Tether has advised clients to send cash to Britannias bank account over the last couple of months, according to an Aug. 29 report by Bloomberg, citing individuals knowledgeable about the matter.However, it isnt clear when Tethers banking relationship with Britannia Bank began, however its other reported banking partners include Deltec Bank and Capital Union Bank.In current months, United States-based cryptocurrency firms have actually needed to progressively look offshore for banking partners in the middle of increased analysis by U.S. regulators following the shock collapse of FTX in November.Tethers aversion to publicly divulge the complete extent of its balance sheet and banking relationships has also fueled industry FUD (an acronym for doubt, uncertainty and worry) in the past over how the stablecoin company shops its $86 billion in assets.Related: United States Fed steps up oversight of banks involvement with crypto companies Tethers USDT currently controls the stablecoin market, with its $82.9 billion market cap representing 66.5% of the total market, according to CoinGecko.USDTs market cap rallied over 20% to $80 billion over the very first four months of 2023– amid the banking crisis involving Silvergate Bank, Signature Bank and Silicon Valley Bank– but has considering that steadied out around the $80-82 billion since then.USDTs modification in market cap over the last 12 months. Source: CoinGeckoMagazine: Unstablecoins: Depegging, bank runs and other dangers loom