Tether soon on the beaches of the Bahamas ? In the list of behemoths in the cryptocurrency sector, the company Tether imposes its domination on the market for stablecoins. Indeed, this company with the opacity worthy of a company of the traditional economy is the official issuer of the unavoidable USDT. A dynamic of success that has recently propelled him 11th largest Bitcoin holder in the world. However, the regulatory pressures led by the United States do not spare this giant of digital stability. Reason why he seems to be turning to private banks in the Bahamas.
Tether moves its opacity to the Bahamas?
There regulation required in the sector cryptocurrencies Is at the origin of migratory movements permanent. All the more so if we consider the often volatile nature of the decisions taken by the various regulatory bodies, sometimes enacted against all logic. Latest example: the Binance platform suddenly plans to leave Russia following the recent scandal initiated by its peer-to-peer service that was too unconcerned with international sanctions.
And when we talk about the leaders of this dematerialized economy, the Tether company has unequivocally imposed itself since its creation in the stablecoin sector. Indeed, its USDT represents still, at present, a share close to 69% (about $83 billion) of this digital stability market estimated at just over $120 billion.
However, the success acquired in the cryptocurrency sector is quickly becoming a obstacle against the authorities of regulationand this, even if more and more voices are raised in order to sell the merits of stablecoins as lifeline for battered USD dollar hegemony. An assertion that does not prevent the Tether company from turning to private banks implanted in Bahamian in some of its operations.
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A partnership with Britannia Bank & Trust?
As much to say it clearly, the company Tether is the very symbol oflack of transparency in an ecosystem based on blockchain technology. A position that earned him some mistrust from crypto investors concerned with decentralization. And this business logic obliges outside observers to seek anonymous sources in order to understand the strategies put in place.
An activity carried out by the Bloomberg media is at the origin of recent revelations in the field. This about a possible displacement ongoing part of Tether’s activity in the Bahamas.
Indeed, the largest stablecoin issuer in the world has reportedly started using the local private bank Britannia Bank & Trust over the past few months. The evidence put forward in this case: explicit requests from the company made to its customers to send money to bank accounts opened in this structure. No confirmation has yet been provided by Tether.
Bahamas: a way to circumvent the regulations?
This dynamic of the Tether company is not a first in the field. Indeed, for some time the company seems to have a particular attraction for private banks established in the Bahamas.
As a reminder, this country had also been favored by Sam Bankman-Fried to establish the headquarters of FTX there… which he must bitterly regret since his Brooklyn prison from which he is currently trying to extricate himself.
Tether already has other partners premises in the Bahamas – this time formalized – with private banks Deltec Bank And Capital Union Bank. But this Bahamian intensification raises questions about its strategic choices – often opaque – in the midst of a period of heightened crypto repression. Would there be a way around it?
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