Tether to Have Account at Bahamas

Tether reported on cooperation with Deltec Bank at Bahamas
02 November 2018   414

The issuer of the USDT, Tether Limited officially confirmed its cooperation with Deltec Bank, a small financial institution from the Bahamas. The company also submitted a letter, on the basis of which it has sufficient funds to ensure the total volume of issued USDT tokens.

Tether Limited is pleased to confirm that it has established a banking relationship with Deltec Bank & Trust Limited (“Deltec”), a 72-year-old financial institution with headquarters in the Commonwealth of The Bahamas.
 

Tether Team

It is also noted that Tether Limited was accepted as a Deltec client after full company check. Allegedly, it includes an analysis of processes, policies and legal compliance, a complete check of information about shareholders, final beneficiaries and managers of Tether Limited, as well as an assessment of the company's ability to maintain a binding to the US dollar at any time and its reserve management.

This process of due diligence, was conducted over a period of several months and garnered positive results, which led to the opening of our bank account with this institution. Deltec reviews our company on an ongoing basis.
 

Tether Team

Tether also states that the company is registered with the Financial Crimes Enforcement Network (FinCEN) and the US Department of the Treasury and adheres to the highest standards in anti-money laundering and terrorist financing procedures.

The message is accompanied by a reference to a letter from Deltec Bank, which states that at the end of the business day on October 31, 2018, the Tether account had a cash value of $ 1,831,322,828.

Thus, based on this letter and taking into account the current capitalization of USDT ($ 1.772 billion), Tether really has sufficient funds to ensure the total volume of issued tokens. The question of whether they were provided at all stages of the company, remains, however, open.

It also draws attention to the fact that in the letter, contrary to the accepted practice, there is no signature of any official of the bank.

Tether to Issue TRON Blockchain Based USDT Tokens

At the moment, a number of large platforms, including Bitfinex, OKEx, Gate.io and Huobi, have announced their readiness to list new token
18 April 2019   131

Issuer of Tether began to issue USDT coins based on the Tron blockchain. This is reported by the head of the Tron Foundation Justin Sun announced on Twitter.

He also urged the exchanges and cryptowallets to support the initiative. A number of large platforms, including Bitfinex, OKEx, Gate.io and Huobi, have announced their readiness to list new asset.

In addition, as Justin Sun said, the first investors will receive a reward for converting USDT on Bitcoin or Ethereum blockchains in the TRC-20 standard USDT - 20 million USDT will be distributed as additional interest payments within 100 days.

Tether and Tron announced a partnership in early March. As Tether CEO Jean-Louis van der Velde said at the time, Tron-USDT will be the next step in the company's development and demonstrates its commitment to spreading innovation in the cryptocurrency space and striving to meet the needs of the community formed around digital assets.