The chairman of Deltec Bank & Trust says a widely scrutinized letter about stablecoin issuer Tether's account at the Bahamas-based institution is "authentic."
The letter, which Tether published Nov. 1, stated – albeit with a prominent disclaimer – that the company held an account at the bank, and that the account's balance as of Oct. 31 was over $1.8 billion, enough to back all the USDT tokens in circulation 1-for-1. However, as CoinDesk and Bloomberg reported, Deltec would not initially confirm the relationship with Tether.
As she had in previous conversations with CoinDesk, the bank's spokeswoman Melanie Hutcheson said that she could not share information on client relationships due to legal restrictions and the bank's own policies. (The Bahamas' banks and trust companies regulation contains language preventing bank employees and others from disclosing customer information "without the express or implied consent of the customer concerned.")