Tether Relies on Britannia Bank While Other US Banks Part Ways

• Britannia Bank & Trust has been added by stablecoin issuer Tether to handle dollar transfers.
• Tether has not publicly disclosed the extent of its relationship with the banking firm.
• Crypto establishments have always found it difficult to build and maintain stable relationships with traditional banks.

According to recent reports, the Bahamas-based  Britannia Bank & Trust has been added by stablecoin issuer Tether to handle dollar transfers. Britannia Financial Group is an up-and-coming financial services company headquartered in London.

Tether has not publicly disclosed the extent of its relationship with the banking firm nor has it responded when asked about the new development. This has led to widespread rumors about the banking process and the assets stored for the backing of the stablecoin. These speculations are also fueled by the fact that Tether asked clients to send money to the  Britannia Bank’s account in the past few months.

Earlier this week, Patrick Tan, general counsel for ChainArgos, a blockchain data analytics firm, stated that the secrecy surrounding Tether’s banking relationships continues to be a major impediment to developing the cr…

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