Tether Ltd. has confirmed the identity of its new bank. The company behind the eponymic tether stablecoin (USDT) has traditionally been reluctant to disclose its banking arrangements, for fear they could be jeopardized. It has currently issued a statement, however, confirming that it's banking with Deltec Bank & Trust Ltd.
The identity of Tether’s new bank, Bahamas-based Deltec, has been public knowledge for a number of weeks. On Nov. 1, Tether released a statement to substantiate its banking relationship with the 72-year-old financial organisation. The statement emphasized Deltec and Tether’s commitment to compliance and transparency, in a bid to stave off the kind of criticism that has been leveled against the company.
“The acceptance of Tether Ltd. as a client of Deltec came once their due diligence review,” read the announcement. “This included, notably, an analysis of our compliance processes, policies and procedures; a full background check of the shareholders, final beneficiaries and officers of our company; and assessments of our ability to keep up the USD-peg at any moment and our treasury management policies.”
One word that was prominently absent from Tether’s statement was “audit,” one thing that a portion of the cryptocurrency community has been requesting for months. Such an endeavor, should it ever occur, would wish to be handled by a specialist third party and isn't a duty that Deltec could perform.
Tether Insists cash Deposits will cover All USDT
In addition to confirming its banking relationship, Tether provided a replica of a letter from Deltec dated November. 1 stating that its money available stands at $1,831,322,828. If correct, these holdings would cover the $1.76 billion of USDT in circulation. While some commenters poked fun at the rudimentary nature of the signature on the document, the majority seemed eased to work out prima-facie proof to recommend that all USDT in circulation are backed by a U.S. dollar.
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