Tether, the company behind the issuance of the stablecoin USDT, has entered into a partnership agreement with Britannia Bank & Trust, a private bank based in the Bahamas, for facilitating dollar transfers. This development has been reported by Bloomberg.

As per sources, Tether has been directing its customers to transfer funds to accounts held by their new partner over the past few months. The exact commencement date of their collaboration remains undisclosed.

Reporters have also highlighted that Tether has established working relationships with two other Bahamian banks, namely Capital Union Bank and Deltec Bank. The association with Deltec Bank began back in 2018 after Tether terminated its agreement with Noble Bank.

Presently, USDT holds a dominant position in the stablecoin market, accounting more 65% of the total market cap which amounts to $80 billion, according to CoinGecko’s latest data.

Nevertheless, Tether tends to keep its banking affiliations relatively confidential. This approach to its operations has led to inquiries regarding the credibility of its collateral storage among both the community and experts.