Tether, the issuer of the largest stablecoin USDT, has begun using the services of a private bank, Britannia Bank & Trust, registered in the Bahamas, to make payments.
According to Bloomberg anonymous sources, Tether uses Britannia Bank & Trust for dollar transfers. In recent months, Tether customers have been sending funds to the company’s account in a Bahamian bank.
Previously, the American company worked with Deltec Bank and Capital Union Bank. However, with increasing pressure from US regulators, more and more local companies are turning to offshore banks and platforms.
It is not known when the partnership between Tether and Britannia Bank & Trust began. It is worth noting that historically the company has been reluctant to disclose information about its banking partners.
Earlier, Tether CTO Paolo Ardoino said that the company does not compete with US banks, but, on the contrary, makes the US dollar even more in demand.
Source: Cryptocurrency
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