Tether Will Process USD Transactions Through a Bahamas Bank

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Last week, Tether published financial statements revealing $850 million added to its USDT reserves, resulting in an excess of $3.3 billion; its total assets under management exceed $86 billion.

Bloomberg reported that the company, registered in the Bahamas, Britannia Bank, is its new partner through whom dollar transactions will be done in response to heightened regulations by the US and European Union on the movement of digital currency.

Though both companies have yet to comment, CoinGecko shows a capitalization of USDT stablecoins just over $82.858 billion and a 66% share of the dollar-backed digital currency market.