On November 1, Tether Limited, the company behind USDT stablecoin, confirmed that it had established a banking relationship with Deltec Bank & Trust Limited (“Deltec”), a 72-year-old financial institution with headquarters in the Commonwealth of The Bahamas.
According to the announcement, the acceptance of Tether Limited as a client of Deltec came after their due diligence review of the company. This included, notably, an analysis of the company’s compliance processes, policies and procedures; a full background check of the shareholders, ultimate beneficiaries and officers of Tether Limited; and assessments of company’s ability to maintain the USD-peg at any moment and Tether’s treasury management policies.
“This process of due diligence, was conducted over a period of several months and garnered positive results, which led to the opening of our bank account with this institution. Deltec reviews our company on an ongoing basis”, – reads the announcement.
“USDT in the market are fully backed by US dollars that are safely deposited in our bank accounts,” – adds the company.