Just after announcing its new banking partner, controversial stablecoin Tether has published a letter from the bank confirming the availability of more than $1.8 billion in firm’s account.
Tether Produces a Letter from Deltec Bank…
Earlier Thursday, Tether Limited, the company behind the stablecoin Tether (USDT) had announced its new banking partner, Deltec Bank & Trust. That same day, the company published a letter, purportedly issued by Deltec, confirming the availability of more than $1.8 billion in cash reserves held in an account with the financial institution.
The stable coin had experienced a massive sell-off after rumors surfaced on social media about it being delisted on several prominent exchanges. The price of the digital asset, which is supposed to be pegged 1:1 to the US Dollar, plunged to as low as $0.92 on some platforms.
Doubts about the company’s integrity and its lack of transparency over the past year have eroded the trust of the crypto community.