Tether expands operations in the Bahamas
Tether expands operations in the Bahamas
Tether, the world's largest stablecoin miner, has partnered with Britannia Bank & Trust, a commercial bank headquartered in the Bahamas.
The collaboration between the two financial institutions is designed to streamline dollar transfers within the Tether platform.
The Britannia Bank & Trust partnership is the third for Tether, following Deltec and Capital Union banks.
According to Coincu, the largest stablecoin issuer ran a covert advertising campaign and offered its clients the option to transfer funds to Britannia Bank for several months. In this way, Tether is trying to strengthen its financial infrastructure.
Many cryptocurrency companies are focusing their business on offshore banking partners due to increased regulatory pressure in the U.S.
At the same time, Tether's decision to enter into new banking alliances and keep its balance sheet secret has sparked a lot of speculation on the topic, as well as user concerns about how the company's $86 billion in assets are being managed.
This secrecy of Tether could become a serious problem, experts say, as trust is paramount in the cryptocurrency industry.
Tether's influence in the cryptocurrency sector and the importance of the USDT token are significant in the crypto market.
Other crypto exchanges, such as Binance, are also looking for new banking partners amid increased regulatory scrutiny.
Also read: Elon Musk prepares to launch crypto payments in X.
