Tether, the issuer of the stablecoin USDT, has signed an agreement with Bahamian private bank Britannia Bank & Trust in order to process dollar transfers.
According to Bloomberg, for the past few months the issuer of the stablecoin has been asking its customers to send funds to the new partner's accounts.
Tether is working with two more banks in the Bahamas - Capital Union Bank and Deltec Bank. The company started interacting with the latter in 2018 following the termination of the contract with Noble Bank.
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According to CoinGecko, USDT dominates the stablecoincoin market with a 66.5% market cap share of $82.9 billion.
However, Tether does not typically disclose its banking relationships publicly.
Tether has previously reported net earnings of $850 million in the second quarter. According to the report, 85% of USDT's collateral comes from cash and cash equivalents.