Tether, the controversial issuer of the USDT cryptocurrency, may have found a new banking partner in the Bahamas.
Tether May Have a New Bank
As first reported by The Block’s Larry Cermak, Tether — whose USD-pegged cryptocurrency has a market cap in the billions of dollars — is said to be holding its fiat reserves at Deltec Bank, which is based out of Nassau.
Those reserves, according to the company, are quite large. As of Tuesday morning, there are more than 2.25 billion USDT tokens in circulation, representing $2.25 billion in physical assets. At one point, USDT was worth nearly $2.9 billion, though hundreds of millions of dollars worth of the cryptocurrency token has been yanked out of circulation in October.