Tether's $1 Billion Deposit With Britannia Financial Subsidary At Center of Legal Battle in London's High Court

Crypto News
Crypto News

21 Nov 2023 12:10 PM

Tether's deposit of over $1 billion with a financial services firm has come under scrutiny in London's High Court....

  • Tether's deposit of over $1 billion with a financial services firm is being scrutinized in London's High Court.
  • The deposit was made with a subsidiary of investment bank Britannia Financial, according to court filings.
  • The legal battle involves Britannia Financial and Arbitral International, with Arbitral claiming that Britannia failed to make full payment for a brokerage it acquired.
  • Britannia argues that the deposit made by Tether is unrelated to the brokerage purchase.
  • Tether is currently the largest stablecoin globally, holding approximately $86.4 billion worth of assets.
  • The company plans to invest $500 million over the next six months, including constructing mining facilities and acquiring stakes in other mining companies.
  • Tether's primary business is running the USDT stablecoin, which maintains a one-to-one value with the US dollar.
  • The company generates revenue by managing a reserve of US Treasury bills and other assets.
  • Tether aims to reach 120 megawatts of mining capacity by the end of 2023 and up to 450 megawatts by the end of 2025.
  • The supply of stablecoins, including Tether, has turned noticeably positive, indicating additional liquidity available for investors.

The sentiment of the article is neutral, providing information about Tether's deposit and legal battle, as well as the company's investment plans and mining capacity goals.

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