Tether’s $1 Billion Deposit at Stake in London Court Case
Tether, the issuer of the world’s largest stablecoin, has deposited over $1 billion with a subsidiary of Britannia Financial, a...
- Tether, the issuer of the world's largest stablecoin, has deposited over $1 billion with a subsidiary of Britannia Financial, a global investment bank.
- The funds are now involved in a legal dispute between Britannia and Arbitral International in London's High Court.
- Tether's USDT token is widely used in the crypto market as a hedge against volatility and a medium of exchange.
- Tether has $86.4 billion worth of assets backing its tokens, with $5.2 billion secured loans.
- The legal battle between Britannia and Arbitral International revolves around a deal made in June 2021, where Britannia bought a Bahamas brokerage from Arbitral for $15 million.
- Arbitral claims entitlement to extra money from assets generated by the business after the sale, while Britannia alleges failure to pay the full price and seeks to freeze Britannia's assets, including the Tether deposit.
- The case is expected to go to trial in early 2024, with potential implications for Tether and its users' asset availability and security.
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