Tether, the issuer of the popular stablecoin USDT, has reportedly added Britannia Bank & Trust, a private bank based in The Bahamas, to its platform to process dollar transfers. It is unclear when the banking relationship between Tether and Britannia Bank began, but other reported banking partners include Deltec Bank and Capital Union Bank.The move comes as U.S.-based cryptocurrency firms have had to increasingly look offshore for banking partners due to increased scrutiny by U.S. regulators following the collapse of FTX in November. Tether’s unwillingness to publicly disclose the full extent of its balance sheet and banking relationships has also caused industry FUD over how the stablecoin issuer stores its $86 billion in assets.Tether’s USDT currently dominates the stablecoin market, with its $82.9 billion market cap representing 66.5% of the total market. USDT’s market cap rallied over 20% to $80 billion over the first four months of 2023, but has since steadied out around the $80-82 billion range.

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Information	Details
Geography	North America
Countries	🇺🇸 🇵🇦
Sentiment	neutral
Relevance Score	8
People	Silvergate Bank, Britannia Bank & Trust, Signature Bank, Silicon Valley Bank, Capital Union Bank, Deltec Bank
Companies	Silvergate Bank, Britannia Bank & Trust, Signature Bank, Silicon Valley Bank, Capital Union Bank, Deltec Bank
Currencies	Tether, Ethereum, Bitcoin, US Dollar
Securities	None