Tether Announces Banking Partner in the Bahamas

Tether Limited, the issuer of Tether (USDT) released a statement yesterday (November 1), announcing that it has partnered with the Bahamas-based Deltec Bank & Trust (Deltec) and reiterated that USDT has US dollars to support it.

The statement said that Deltec approved to bank Tether after series of investigations, including the company’s financial position, regulatory policies and procedures, shareholder background, beneficiaries, employees, reserve management policies, and the ability to maintain USDT and USD linked. Tether will open an account and will continue to be evaluated on the Deltec side.

Tether also said that the company has registered with the US Treasury Department’s Financial Crime Prevention Agency (FinCEN) to maintain the highest standards of anti-money laundering (AML) and terrorist fundraising (CFT) procedures, and reiterated that the USDT in circulation is properly managed. The dollar in the bank account is fully supported. According to Tether’s official website, a letter sent by Deltec shows that the current account has about $2 billion USD.

Since USDT plunged in October 2018, the outside world has always been paying attention to Tether’s financial problems, and its relationship with the exchange Bitfinex is inextricably linked. Earlier, some analysts questioned why only Bitfinex, looking at many large exchanges around the world, had to constantly “move” and convert bank accounts, reflecting its lack of transparency.