Tether’s bank partner Britannia sued over $1B deposit: Report
Tether’s bank partner Britannia Financial is reportedly sued by a company that sold its brokerage platform to the firm in 2021. ...
- Tether's bank partner, Britannia Financial, is facing a lawsuit over allegations of not paying the full price of revenue-generating assets related to a deposit from Tether.
- Arbitral International, a company registered in the British Virgin Islands, has sued Britannia over a $1 billion deposit from Tether.
- The lawsuit is connected to Britannia's acquisition of Arbitral's brokerage business, Arbitral Securities.
- The agreement between Britannia and Arbitral included Britannia Financial paying an additional sum based on the number of revenue-generating assets held by Arbitral Securities a year after the sale.
- Tether opened an account with a subsidiary of Britannia Financial in November 2021, introduced by Aldo Mazzella, who has had a commercial relationship with Tether since around 2017.
- Tether's stablecoin, USDT, has been gaining momentum and approaching a $90 billion market capitalization.
- USDT's growth has been driven by market excitement around the potential approval of a spot Bitcoin exchange-traded fund and increasing demand in emerging markets like Brazil.
The article primarily focuses on a lawsuit against Britannia Financial related to a deposit from Tether. It also highlights the growth and market momentum of Tether's stablecoin, USDT. Overall, the sentiment is neutral.