On November 1st Tether said they have established a banking relationship with the Bahamas-based Deltec Bank & Trust Limited.
Tether Limited made a few notable announcements on Thursday, November 1st.
We are pleased to be able to confirm that Tether has an account with Deltec Bank & Trust Limited https://t.co/LSn64soUsC . Balance confirmation at 2018-10-31 attached.
— Tether (@Tether_to) November 1, 2018
In a brief post, Tether wrote that Deltec carried out a “due diligence review of our company” before taking it on as a client. The post also came with an attachment to a letter penned by Deltec confirming the “portfolio cash value of your account with our bank was US$1,831,322,828,” at the close of business on October 31st.
As of press time, CoinMarketCap listed Tether’s circulating supply at 1,776,421,736 UST with a price of $0.98.
Letter Provided ‘Without Liability’
In the letter, Deltec was clear to note the letter with Tether’s portfolio cash value was “based on the information currently in our possession.”
The letter was just signed by “Deltec Bank & Trust Limited” with a quick scrawl, which attracted the attention of some commenters on Reddit.
A few people questioned why a person at the bank would not be willing to attach their name to the holdings report. Tether has been the focus of intense scrutiny and attention amid allegations it does not actually hold the dollar reserves it claims.