Tether has reportedly partnered with Britannia Bank & Trust, making it the third Bahamas-based bank to collaborate with the stablecoin issuer. Clients have been instructed to send money to Britannia’s bank account over the past few months. Tether’s other banking partners include Deltec Bank and Capital Union Bank. US-based cryptocurrency firms have been seeking offshore banking partners due to increased regulatory scrutiny. Tether’s lack of transparency regarding its balance sheet and banking relationships has raised concerns in the industry. Tether’s USDT currently dominates the stablecoin market with a market cap of $82.9 billion. The market cap has remained steady around $80-82 billion in recent months.
