USDT remains the largest stablecoin by far
has relied on an obscure bank in the Bahamas in order to store some of its reserves, according to a recent report published by The Financial Times.
Capital Union, a Nassau-headquartered banking institution, dived into cryptocurrency research last year. Last month, the bank picked prominent blockchain sleuth Chainalysis as its compliance partner in order to ensure compliance and detect risky transactions.Tether, which has faced plenty of insolvency accusations in the past, remains mum about where it holds its bank deposits.
Last year, the Commodity Futures Trading Commission slapped Tether with a $41 million fine for lying about its stablecoin reserves. It had failed to properly disclose that the flagship stablecoin was partially backed by non-fiat assets.
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