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Tether has found a new bank in the Caribbean

by Larry Cermak

October 16, 2018, 8:32AM EDT  ·  1 min read

Quick Take

  • According to The Block‘s sources, Tether is holding its reserves at Deltec Bank
  • Over-the-counter trading  desks have expressed interest in opening an account with Deltec Bank to redeem USDT directly

by Larry Cermak

October 16, 2018, 8:32AM EDT  ·  1 min read

Tether is holding reserves at Bahamas-based Deltec Bank, several people familiar with the situation told The Block. The banking relationship between Tether, the company behind the stable coin of the same name, and Deltec Bank was struck in recent weeks. According to people familiar with the matter, some over-the-counter trading desks have expressed interest in opening an account with Deltec Bank in order redeem USDT directly.