[ NEWS ] Colleges Are Still Trying To Figure Out How To Handle Crypto Donations

The controversial stablecoin Tether (USDT) has reportedly found a new banking partner. The company behind USDT may have found a new bank located in the Bahamas. The information has been released by Larry Cermak a few days ago. This is very important since Tether had some issues with Nobel Bank. Did Tether Find a New Banking Partner? At the moment, Tether has a market capitalization of $2.15 billion dollars. However, the company was involved in some controversies related to the funds that the company has to back the issued USDT. Nobel Bank worked as Tether and Bitfinex’ partner during a long period of time. But both companies broke their ties with this financial institution since the bank went bankrupt. Citing people familiar with the matter, Cermak says that Tether is holding reserves at Bahamas-based Deltec Bank. Additionally, there are some over-the-counter (OTC) trading desks that have expressed interest in opening accounts with Deltec Bank. It seems that they want to redeem USDT directly through the institution. Puerto Rico’s Nobel Bank couldn’t continue with its operations and it went bankrupt. And in the end, the bank lost both Tether and Bitfinex as clients. Because of this instability, Tether has lost almost 15% of its value some days ago. This situation has also pushed Bitcoin price up to $7,800 dollars in some exchanges. Now, the prices of both cryptocurrencies have stabilized. Bitcoin (BTC) is being traded around $6,533 dollars and has a market capitalization of $113 billion dollars. As CoinMarketCap informs, Tether is being traded under its stable price of $1 dollars. Each USDT token can be purchased for $0.972 dollars. Enthusiasts in the cryptocurrency space are worried about Tether’s solvency. With a new bank partner, these doubts might be erased, at least for some time. There are some other stablecoins in the cryptocurrency market. The popular exchange Gemini has launched the Gemini Dollar (GUSD). This cryptocurrency exchange has been created by the Winklevoss Twins and is one of the most regulated exchanges in the market. Circle has also launched its own stablecoin pegged to the US Dollar known as (USDC). TrueUSD (USD) and Paxos Standard (PAX) are other well-known stablecoins..