Tether, the stablecoin issuer, has formed a partnership with Britannia Bank & Trust, a private bank based in The Bahamas, to process dollar transfers. The collaboration adds to Tether’s existing banking relationships with Deltec Bank and Capital Union Bank. This move comes as U.S.-based cryptocurrency firms seek offshore banking partners due to increased regulatory scrutiny. Tether’s dominance in the stablecoin market, with a market cap of $82.9 billion, has sparked industry speculation about its asset storage practices. However, the partnership with Britannia Bank enhances the stability and credibility of Tether in the Bahamas.
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