Stablecoin Issuer Tether Finds Another Bank Partner in Bahamas

Stablecoin issuer Tether has added Britannia Bank & Trust, a privately-held bank operating in the Bahamas, to process dollar transfers, according to people familiar with the matter.

While it’s unclear when the banking relationship started, Tether has instructed clients to send money to Britannia’s bank account in recent months, the people said, asking not to be identified discussing private information.

Tether, whose USDT token underpins much of the trading in the estimated $1 trillion crypto market, didn’t respond to requests for comment. A spokesperson for Britannia Financial Group, the parent of Britannia Bank & Trust, declined to comment.

Tether hasn’t ...