Tether Reiterates its Non-Exposure to Signature Bank

Stablecoin issuer Tether has debunked claims of its alleged exposure to the now-collapsed Signature Bank.

A Bloomberg report had it that the USDT issuer was exposed to the bankrupt Signature Bank, fuelling rumors of the involvement between the two companies.

Tether, in an email, sent to media outlets, “unequivocally re-iterate that it has no exposure to Silvergate, Silicon Valley Bank, and Signature Bank.”

The Bloomberg article claimed that Tether was gaining access to the United States banking system through Signature by encouraging users to send U.S. dollars via Signature’s Signet to its Bahamian partner Capital Union Bank.

Earlier this month, Tether chief technology officer Paolo Ardoino took to Twitter to clarify that the company had zero exposure to Signature Bank.

Tether had also lashed back at the Wall Street Journal’s ‘stale allegations’ on March 3 that the company faked documents to open bank accounts.

The report alleged that Tether faked sales invoices, and transactions and hid behind third parties to have opportunities to open bank accounts it couldn’t have otherwise.

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