Bahama-based bank: “All tether in the market is fully backed by U.S. dollar”

Bahama-based bank:

Image source: Shutterstock / Wikimedia Commons

Tim Haldorsson

tim.haldorsson@trijo.co

Tether has announced a new banking relationship with the Bahamas-based Deltec Bank & Trust. The new bank has confirmed that the company Tether has U.S. dollar equivalent to all tether (usdt) circulating on the market.

The company Tether and their currency tether (usdt) have attracted a lot of attention in the media lately. Their currency is being used as a substitute for dollar, cause every tether is backed by one dollar. However, many in the crypto world have been wondering if every tether really is backed by one dollar.

Now, the company Tether has started a banking relationship with the Bahamas-based Deltec Bank & Trust. In a press release, Deltec Bank & Trust confirms that Tether has deposited just over $1.83 billion in the bank’s accounts. This sum covers all the tether available on the market.

“All usdt in the market are fully backed by U.S. dollars that are safely deposited in our bank accounts”, Deltec Bank & Trust writes in a letter dated the first of November.

Will review on an ongoing basis

This is something that Deltec Bank & Trust can conclude after several months of reviews of Tether’s business, internal policies and background checks of existing Tether shareholders

Deltec Bank & Trust will continue reviewing our company on an ongoing basis, Tether writes in a press release.

Read more: The company Tether buys back and destroys 500 million units tether.

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