Tether Deposits of $1B With UK Financial Firm Are at Center of High Court Battle: FT


21 Nov 2023 9:31 AM

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.

The article does not provide enough information to determine the sentiment.

Go to publisher site

You May Ask

What is the amount of money that Tether has deposited with Britannia Financial's subsidiary?What is the reason behind the legal battle between Britannia Financial and Arbitral International?How does Tether's USDT stablecoin help crypto users?What are the main components of Tether's assets?

Suggested Reads