Tether, a company behind USDT stablecoin, has closed a partnership with the Bahamas-based bank Britannia.
Tether has included the Bahamas-based bank as a dollar transfer processor on its platform. The partnership between both entities will allow Tether to expand its regional presence.
It’s unclear when both entities started collaborating, but the bank became the third entity in the country to work with Tether.
Britannia Bank is one of the most important banks in the Bahamas, established in 1985. According to its official website, it has arms in the Bahamas, Switzerland, and UK.
Tether’s issues due to lack of transparency
Tether has faced recent problems related to its transparency and reserve backing. For instance, it was accused of not providing sufficient evidence to prove that fiat currency fully backs its reserves.
One of the significant issues raised against Tether is its association with Wall Street banks. Tether has denied any connection with these banks and has emphasized that it is not interested in being controlled by them. The company has also dismissed rumors and tricks from unknown sources that aim to create panic and undermine its credibility.
While the company has denied the allegations and promised to address the issues, doubts persist among critics and investors. The future of Tether will depend on its ability to provide more transparency and regain the trust of the cryptocurrency community.