Tether Starts A New Banking Relationship With Deltec Bank In The Bahamas

Breaking crypto news about the controversial Tether are coming in since the issuer of this USD-pegged crypto stablecoin, Tether Limited, opens a new $1.8 billion bank account in the Bahamas.

Tether Limited partnered with the Deltec Bank which is a well-known financial institution based in Nassau.

In their official announcement found on the website, Tether explains that Deltec has opened its bank account a few months after a long review and evaluation included whether the company is able to maintain the USDT token’s $1.00 peg.

 “The acceptance of Tether Limited as a client of Deltec came after their due diligence review of our company. This included, notably, an analysis of our compliance processes, policies, and procedures; a full background check of the shareholders, ultimate beneficiaries and officers of our company; and assessments of our ability to maintain the USD-peg at any moment and our treasury management policies. This process of due diligence was conducted over a period of several months and garnered positive results, which led to the opening of our bank account with this institution. Deltec reviews our company on an ongoing basis.”

Also, Tether managed to publish the letter of confirmation that Deltec stands behind which approves that the company is holding $1.83 billion in the bank which is enough to cover the assets.

 “This letter is provided without any liability, however arising, on the part of Deltec Bank & Trust Limited, its officers, directors, employees, and shareholders, and is solely based on the information that is currently in our possession,’’ explained the Delta team in their confirmation letter.