Tether, the world's largest stablecoin issuer, has started using private bank Britannia Bank & Trust, Bloomberg News reported, citing anonymous sources.
Bloomberg did not say when the banking relationship began but cited sources who said Tether in recent months had asked customers to transfer money to Britannia's bank accounts. Customers wanting to pay stablecoin Tether have for quite some time been faced with ever-narrowing options.
Cryptocurrency companies of all sizes have encountered increasing difficulty in ensuring the safety of their US banking counterparties since a wave of scandals and bankruptcies prompted increased scrutiny of management agency.
According to Bloomberg, Tether , which is also privately owned, has historically kept its banking relationships secret.
With Circle 's USDC stablecoin losing market share, Tether 's USDT Token has become the leader among digital currencies pegged to the dollar.
Source: The Block
