The Issuer stablon USDT Tether company this Thursday for the first time in its history, has disclosed information about the Bank with which it cooperates.
“Tether Limited is pleased to confirm that established relations with Deltec Bank & Trust Limited (“Deltec”), a financial institution with headquarters in the Commonwealth of the Bahamas and the 72-year history,” writes the company.”Tether Limited was accepted as a client Deltec, after they had carried out a thorough inspection of our company. Special attention deserves the fact that this included analysis of our processes, policies and procedures, legal compliance, full validation information, shareholders, ultimate beneficiaries and managers of our company and evaluate our ability to maintain the peg to the U.S. dollar at any point in time and the management policy reserves. The validation process took several months and yielded positive results that led to the opening of a Bank account for us in this institution. Deltec conducts audits of our company on a regular basis.”
Tether also notes that in service to combat financial crimes (FINCEN) and the Department of the Treasury and adheres to “the highest standards in the field of AML/CFT procedures.” It is noteworthy that registration with FINCEN, the company was only in September of this year amid the market several alternatives USDT regulated by various agencies.
“We hereby confirm that at the time of the end of the day October 31, 2018 cash value of your account was $322 1 831 828”, — the document says.
“This letter is provided without any warranty on our part and is based solely on the information that is at our disposal.”
Previously, the cryptocurrency community has repeatedly raised the issue of security USDT US dollars in the accounts of the company in accordance with its obligations. The main argument of the critics has always been completely vague the company’s relationship with banking institutions, which she enjoys. Tether affiliated with the bitcoin exchange Bitfinex announced that can not reveal this information because of the vulnerability of their business to regulatory pressure.
For the past month Tether USDT actively withdrawn from circulation, and last week officially repaid 500 million tokens. According to CoinMarketCap, currently USDT market capitalization is $1 774 109 801. Thus, the Deltec letter confirms that the company has sufficient funds to provide the entire amount released her tokens.
According to the blockchain Explorer Explorer Omni, only this morning from the reserves of the Tether to the purse exchange Bitfinex has been translated 10 million USDT. Recall that this operation is part of the issue procedure USDT for further distribution among potential users stablon. Course USDT at the time of writing is $0,998699, that is, it is almost completely returned to one US dollar, after it fell below $0,90 a few weeks ago.
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