Tether at Center of High Court Battle
Stablecoin issuer Tether is facing a legal battle in London’s High Court over deposits of over $1 billion with investment bank Britannia Financial.
Britannia Financial is in a dispute with Arbitral International, which claims it failed to pay the full price for a Bahamas brokerage it bought from Arbitral in June 2021.
Tether claims the transaction was with its subsidiary, Britannia Global Markets, and is unrelated to the brokerage it bought from Arbitral.
Tether’s USDT is the world’s largest stablecoin, providing crypto users with a hedge against cryptocurrencies’ volatility.
Tether’s $86.4 billion worth of assets are mostly deposited in U.S. Treasuries, including $5.2 billion worth of secured loans.
(With inputs from Shikha Singh)
You need to login in order to Like
