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One of Tether's mysterious partners is a boutique bank in the Bahamas
Tether, the firm behind the biggest stablecoin in the crypto market, USDT, has come under increased scrutiny from authorities in the recent period regarding the location of its reserve assets. Sources familiar with the matter revealed that the firm has an undisclosed percentage of reserves held in a boutique bank in the Bahamas called Capital Union.
Tether's mysterious partner: Capital Union
After the demise of Terra's UST, there have been increased speculations regarding stablecoins and the assets backing them. According to a report from Financial Times, Tether, a firm that has released stablecoin pegged to the Chinese yuan, Mexican pesos, U.S. dollar, and euro, has a certain percentage of its reserves stored in Capital Union a Nassau-headquartered banking institution.On the other hand, Tether has not confirmed whether the tiny Bahamas bank has held its reserves. In a previous report from Financial Times, a senior executive of the firm refused to disclose its partners. "Our counterparties are not public. We are not a public company," he said.
The Chief Technology Officer Paolo Ardoino recently said that Tether has sufficient liquidity to back the USDT stablecoin, which has a market cap of more than $72 billion at the time of writing, as per data from CoinMarketCap (CMC).
Reserve assets
Recently, the company announced that it would lower its commercial debt holdings, and hence, Tether decreased its exposure to risky commercial paper to 17% while increasing its stake in U.S. bonds to 13%. Other assets in the company's reserves include cryptocurrencies and precious metals, as per its quarterly reports.Recently, the firm confirmed its links to another Bahamian bank, Deltec Bank & Trust, whose executives confirmed to Bloomberg in 2021 that they held 25% of Tether's reserves as cash and bonds.
Interestingly, Ardoino confirmed to F.T. that the firm has "strong banking relationships" with multiple banks globally, and the firm has held cash deposits in two Bahamian institutions.
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