Tether taps private bank to process dollar transfers: Bloomberg

Tether, issuer of the world's largest stablecoin, has started using the privately held bank Britannia Bank & Trust, Bloomberg News reported, citing anonymous sources.

Bloomberg didn't say when the banking relationship began but, citing sources, said Tether has in recent months told clients to transfer money to Britannia’s bank account. Clients wishing to pay for Tether stablecoins have for quite some time faced dwindling options.

Crypto firms of any size have encountered mounting difficulty securing U.S. banking partners since a wave a scandal and bankruptcies spurred heightened regulatory scrutiny.

Historically, Tether, which is also privately-held, has been secretive about its banking relationships, according to Bloomberg.

With Circle's USDC stablecoin losing market share, Tether's USDT token has become the clear leader among digital currencies pegged to the dollar.