According to the latest report, Tether Limited Inc., the leading cryptocurrency exchange that launched the asset-backed stablecoin Tether has moved a major share of its reserves to three financial institutions including Capital Union Bank, Ansbacher Limited, and Cantor Fitzgerald.
Reportedly, the company hasn’t yet revealed any details regarding its ties with the three institutions. The complete data on the distribution of the reserves of Tether or the accounts of the finances is still absurd.
The company’s lawyer told that Tether’s financing details aren’t transparent, stating that it “does not make public its banking relationships”. In addition, the lawyer has also told that the value or the composition of its reserve assets is also not made public.
Notably, as per the internal records, in 2021, Tether transferred almost $37 billion of its reserves to the Capital Union Bank, an offshore,…
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Source: Cryptocurrency - investing.com
