Tether Limited has announced a new banking relationship with a financial institution, Deltec Bank & Trust Limited (Deltec), based out of the Bahamas.
Tether, which had suffered from mixed publicity after allegations it had parted ways with previous financial institution Noble Bank, also noted in the statement that its full money supply was backed by US dollars.
Tether went a step further by publishing an attestation letter from the bank, showing evidence of its reserves. Confirming Tether’s reserves with the bank to be $1,831,322,828 as of October 31, 2018 — which is enough to back the remaining 1.78 billion USDT in circulation, as Tether had withdrawn over $1 billion worth of tokens since the beginning of October.
The announcement went on to reiterate that Tether limited is registered with the Financial Crimes Enforcement Network of the US Department of the Treasury.
Furthermore, Deltec reviewed the stablecoin (Tether) issuer on an ongoing basis – conducted its due diligence process throughout a period of several months, and identified the results as positive and allowed the company to create a bank account.
According to Tether, Deltec also looked over compliance processes, policies, and other procedures, and carried out background checks of company officers, shareholders, and ultimate beneficiaries.