Tether Has Banking Relationship with Puerto Rico-based Noble Bank

New research suggests that cryptocurrency startup Tether — creator of dollar-pegged stablecoin USDT — has a banking relationship with Puerto Rican financial institution Noble Bank. On Monday, BitMEX Research published a report examining newly-released data related to Puerto Rico’s financial system for the calendar year ended 2017.

This data — which was published by Puerto Rico’s Commissioner of Financial Institutions — indicated that bank deposits in the International Finance Entities (IFE) category exploded by 248 percent to $3.3 billion in the fourth quarter, while total assets in this category grew by 161 percent. As BitMEX noted, this surge in deposits correlated with the cryptocurrency market’s dramatic upswell, and Tether’s market cap grew by 215 percent during the same period.

Reference: https://www.ccn.com/research-suggests-tether-has-banking-relationship-with-puerto-rico-based-noble-bank/

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