One of Tether’s Bank Partners Caught Up in Assets Seizure

Tether, the largest stablecoin issuer, relies on a network of intermediaries to facilitate transactions due to challenges opening accounts directly at major U.S. banks. A recent U.S. government seizure of bank accounts held by an obscure Sacramento-based company has exposed Tether to problems at those intermediaries. Tether holds over $100 billion in U.S. Treasury bills, mostly at Cantor Fitzgerald. The seizure highlights Tether's dependence on sometimes unstable intermediaries.

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