Tether moved reserves to Capital Union and two other companies
- moved $37 billion of its reserves to Capital Union Bank in 2021.
- The stake transfer followed the company’s settlement with the New York State Attorney’s office.
- The firm also has ties to Ansbacher Limited and Cantor Fitzgerald.
According to the latest report, Tether Limited Inc., the leading cryptocurrency exchange that launched the asset-backed stablecoin Tether, has moved a large portion of its reserves to three financial institutions including Capital Union Bank, Ansbacher Limited and Cantor Fitzgerald.
The company has reportedly not yet disclosed any details about its ties to the three institutions. Full data on the distribution of Tether reserves or finance accounts is still absurd.
A lawyer for the company said the details of Tether’s funding are not transparent, stating that it “does not disclose its banking relationships.” In addition, the lawyer said that the value or composition of the reserve funds is also not disclosed.
Namely, according to internal records, in 2021 Tether transferred almost 37 billion dollars of its reserves to Capital Union Bank, offshore,…
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