Tether Deposits of $1B With UK Financial Firm Are at Center of High Court Battle: FT
Tether deposited the funds with a subsidiary of investment bank Britannia Financial, according to the report, which cited filings made in the High Court....
- Tether, the issuer of the world's largest stablecoin, has deposited over $1 billion with a subsidiary of investment bank Britannia Financial.
- This deposit is now the subject of a legal battle in London's High Court between Britannia Financial and Arbitral International.
- Arbitral International alleges that Britannia failed to pay the full price for a brokerage it bought from them, and claims entitlement to additional funds generated by the business.
- Britannia argues that the funds deposited by Tether are unrelated to the brokerage purchase.
- Tether's USDT stablecoin is popular among crypto users as it provides a hedge against cryptocurrency volatility.
- Tether's assets, valued at $86.4 billion, primarily consist of U.S. Treasuries and secured loans.
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