Stablecoin issuer Tether accessed US banking system utilizing Signature: Report

, the agency behind the biggest stablecoin by market capitalization, reportedly allowed its shoppers to ship funds by Signature Financial institution’s funds platform — granting the agency entry to United States banks.

Based on an April 4 Bloomberg report, Tether had a pathway to the U.S. banking system by instructing its customers to ship {dollars} although Signature’s Signet to its Bahamian associate Capital Union Financial institution. The report cited “individuals with data of the scenario,” who added this technique was in place on the time regulators took management of Signature in March.

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