Tether, the issuer of the world’s largest stablecoin, has reportedly found a new banking partner in the Bahamas-based Britannia Financial Group. The USDT issuer has been leaning on Britannia Bank & Trust to process its US Dollar transfers after several traditional financial institutions cut ties with the crypto industry.Citing people familiar with the matter, Bloomberg reported that Tether had asked its customers to send funds to the privately-operated bank’s account in recent months. The stablecoin giant did not respond to Bloomberg’s request for comment, while Britannia Financial Group declined to comment on its relationship with the firm.Tether’s banking relationships have historically been shrouded in secrecy. In 2018, the stablecoin firm confirmed that it had partnered with Bahamas-based Deltec Bank & Trust, just weeks after parting ways with Noble Bank. Capital Union, another bank operating in the Bahamas, is the USDT issuer’s other publicly known banking partner.The lack of transparency surrounding Tether’s banking relationships, balance sheets, and corporate structure has led to considerable FUD and regulatory scrutiny in the past. Despite this, USDT remains the top stablecoin in the crypto market, boasting a market share of 66.5% with a market capitalization of more than $82 billion.

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Information	Details
Geography	North America
Countries	🇧🇸
Sentiment	neutral
Relevance Score	9
People	None
Companies	Deltec Bank & Trust, Noble Bank, Britannia Financial Group, Capital Union, Tether
Currencies	US Dollar, Ethereum, Tether, Bitcoin
Securities	None