Tether Confirms New Bank and Claims They Have USD 1.8 Billion

The company behind the largest stablecoin by market capitalization, Tether has stated it has a bank account with Bahamas-based Deltec Bank & Trust Ltd and the account holds up to 1.8 billion USD as of October 31st.

Bank Balance

Tether Released a letter dated November 1st that seems to be from Deltic, giving their base confirmation that “the portfolio cash value of your account with our bank was US$1,831,322,828” as of October 31st. Although, there is no ones name on the attached letter, and the signature is just a simply a curved line.

Community Response

Response from the internet have been interesting with users commenting that this could backfire on the company and cause them a sleuth of problems in the future.

Reddit user u/elizabethgiovanni explains how this could backfire for them:

“[…] if Tether goes belly up, stuff like this will be used against them for a whole slew of crimes (and heightened damages) for intentionally misleading and lying to the market […] if they are lying, they’re digging their grave deeper and raising the stakes for their eventual run in with authorities.”

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Wilson is a 3x Startup Entrepreneur. He is passionate about the cryptocurrency space. You can catch him tweeting about cryptocurrency often @itswilson8 You can also email Wilson directly at wilson@cryptomenow.com

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