Tether Announces it Will Process USD Transactions Through Britannia Bank

Last week, Tether’s financial statements showed that its USDT reserves increased by $850 million in comparison to their previous amount, bringing its excess reserves to $3.3 billion.

The total volume of assets managed by Tether was reported to exceed $86 billion, with Bloomberg mentioning that Britannia Bank, a Bahamas-based entity, had become Tether’s partner and that the issuer of the largest stablecoin had been sending letters to its clients, asking to move funds into the bank’s accounts.

Representatives of both parties declined to comment on these claims. As of now, the capitalization of USDT stablecoin stands at over $82.858 billion, with CoinGecko statistics placing the token’s market share in the dollar-backed digital currency sector at 66%.