Researchers: Tether looking for a new reserve banks for their dollars

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Researchers: Tether looking for a new reserve banks for their dollars

Bloomberg reports that Bank of Noble, which, according to the February study BitMEX Research, can be a major reserve Bank Tether, faced with financial difficulties. Analysts suggest that Tether now applies to the services of other banks, and this hypothesis is confirmed by data from Puerto Rico.

Bank deposits in the country in the category of “International financial institutions” (IFE), including Noble Bank amounted to $2.9 billion, which is 18.4% less than in the previous quarter (despite the continued growth of the Tether, as illustrated in the diagram below). According to BitMEX Research, these data confirm that behind steilcoom company moves the reserves from Noble to other banks outside the island (the authors also refer to the information of the insiders of the Tether).

Total deposits IFE in Puerto Rico compared to the balance of the Tether in million dollars (sources: accounts IFE, BitMEX Research, CoinMarketCap)

Bloomberg said the new financial data:

In Puerto Rico there has been a surge of traffic associated with the cryptocurrency of cash. According to the banking regulator in Puerto Rico, by the end of 2017 cash and cash equivalents owned by international financial organizations such as Noble, soared from $191 million to $3.3 billion (it took only a year). As at 30 June of the current year the total amount dropped to $2.6 billion, the Most money on the island, according to knowledgeable people, was associated with Noble.

Bloomberg also reports that The Bank of New York Mellon no longer performs the functions of the Depositary Bank Noble. Thus, hunting Tether to other reserve banks continues.

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