Tether (USDT) the ugly and the good: Partners with Bahamas Deltec bank

• Tether has been put on the spotlight for lack of enough dollar reserves (critic view).
• Tether undergoes review by the Deltec Bank before signing as a client.

The issue of stablecoins raise many question in the cryptocurrency industry. The digital assets are backed reserves of various items of value including gold, diamond and fiat. Tether is the most popular stablecoin in the market at the moment. The coin is just recovering from a selloff that saw it defy its inherent stable nature dipping to the lows of $0.93. Tether has attracted attention especially on exchange platforms where it provides a mechanism for traders to carry out their activities.

The discussion surrounding Tether includes both the pros and the cons. The token is developed on the Omini protocol and is backed by reserves of fiat and particularly the U.S. dollar. One Tether token has the value of 1USD. Tether can be used to store USD in the value of USDT especially when hedging over the volatile crypto market.

Tether has been called both legit and a scam. People who believe its legit use it without questions. However, other people prefer to stay away from the coin entirely noting that the it is likely that it is not backed enough USD reserve.

Partnership with Bahamas Deltec Bank

Yesterday, Thursday 1, Tether hit the headlines after it announced a strategic partnership with the Bahamas Deltec Bank. The announced was made through Twitter and it said:

“We are pleased to be able to confirm that Tether has an account with Deltec Bank & Trust Limited. Balance confirmation at 2018-10-31 attached.”

The banking relationship comes after a thorough review by the bank. Besides, the announcement included an attachment of the statement of account of Tether. Deltec Bank wrote the “portfolio cash value of your account with our bank was US$1,831,322,828,” at the close of business on October 31st.”

At press time, Tether is trading at $0.989 and is down 0.95% in the last 24 hours. It has a market cap of $1.7 billion and ranked the 9^th largest project in the industry.