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They work with Deltec Bank. https://tether.to/en/tether-banking-relationship-announced/ https://tether.to/en/tether-banking-relationship-announced/ From https
by evdubs 4y ago
They work with Deltec Bank.
https://tether.to/en/tether-banking-relationship-announced/ https://tether.to/en/tether-banking-relationship-announced/
From https://www.deltecbank.com/2022/09/01/the-history-of-stablecoins/ https://www.deltecbank.com/2022/09/01/the-history-of-stablec...
> Tether
> Launched in 2014, Tether (USDT) came to extraordinary success with a current market capitalization exceeding 67 billion USD.
> This stablecoin fixes the issues inherent in the previous three. It relies not upon volatile reserves or the idea of persistent arbitrage trading, but on hard reserves of fiat currency. For every Tether coin in existence, there is one US dollar in a vault backing its existence.
> In this way, the stablecoin handles a complete theoretical rout with ease. Tether continues to serve the burgeoning digital asset space while garnering the implicit affection of regulators.
- lazide 4y agoGlad they finally found someone - well maybe. Interesting relationships with FTX - apparently SBF gave them a $50 million loan to keep operating, and they’re neck deep in that mess. https://www.forbes.com/sites/davidjeans/2023/01/15/ftx-deltec-bank-jean-chalopin-moonstone/?sh=7a576b6011e4 https://www.forbes.com/sites/davidjeans/2023/01/15/ftx-delte... Might want to give them a year or two before figuring that isn’t another smokescreen.
- evdubs 4y agoThat's not as concerning as a bank that lent money to FTX, though, right? If you take a loan from someone that goes bankrupt, you pay them back through whatever process is established by the bankruptcy court. If you loan money to someone that goes bankrupt, you're most likely sitting on a loss. Deltec's response is that they're awaiting instructions on how to repay the loan: https://www.deltecbank.com/2023/01/16/deltec-bank-trust-limited-statement-on-recent-events/ https://www.deltecbank.com/2023/01/16/deltec-bank-trust-limi...
- lazide 4y agoIt’s quite concerning because it seemed to be off the books/hidden originally, SBF is one of the few who claims he’s been able to issue or redeem tether, it’s ‘Tethers bank’, and SBF is implicated in one of the largest crypto frauds in history. Aka it stinks.