For the first time, Tether, the issuer of the USD-backed stablecoin Tether (USDT), has officially confirmed its partnership with the bank. This is a Deltec Bank – a small financial institution from the Bahamas.
Tether noted that it had passed a thorough test initiated by Deltec Bank:
“The acceptance of Tether Limited as a client of Deltec came after their due diligence review of our company. This included, notably, an analysis of our compliance processes, policies and procedures; a full background check of the shareholders, ultimate beneficiaries and officers of our company; and assessments of our ability to maintain the USD-peg at any moment and our treasury management policies.”
During this audit, it was confirmed that the company possessed sufficient funds to ensure the total volume of issued USDT tokens. The message is accompanied by a reference to a letter from Deltec Bank, which states that at the end of the business day on October 31, 2018, the Tether account had a cash value of $1,831,322,828.
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