Media: Tether Serving Bank “Feverishly Seeks Funding”
Puerto Rican Noble Bank, presumably in charge of servicing the accounts of the stablecoin Tether, may be in a quandary, being affected by the cryptocurrency market. This information was posted on the Modern Consensus blog.
Citing two “high profile sources, one of which is associated with a major cryptocurrency exchange,” Modern Consensus writes that Noble Bank is “frantically seeking funding” as the question is about its survival. It is also reported that the bank contacted one of the largest holders of Tether in the hope of receiving a financial injection, but his request was not granted. The source did not specify what amount was discussed.
“If Noble doesn’t get the money soon, they’ll have a few days left,” he said. “They are desperate”.
In addition, Modern Consensus suggests that Tether itself may have difficulties. According to the “influencer from a major cryptocurrency trading platform”, one of the stablecoin holders tried to sell “tens of millions of Tethers”, but never found an interested buyer.
The information that Noble Bank serves Tether accounts was published in March this year by the research department of the Bitmex exchange. He pointed to the link between the growth in deposits in Puerto Rican Noble Bank and the growth in USDT issuance, citing the report of the Commissioner of Financial Institutions of Puerto Rico.
Meanwhile, Tether remains the eighth largest asset in terms of capitalization in the entire cryptocurrency market with an issue volume of 2.8 billion USDT. Since mid-August, the release of new USDT has slowed down, while since the beginning of the year their number has more than doubled, mainly due to the jump in late January and several other less significant movements, the last of which was recorded in August, when the market was more than 400 million USDT issued.
While Modern Consensus is a little-known news source, it should be noted that in February of this year, it unmistakably announced plans for the Goldman Sachs-sponsored startup Circle to acquire the Poloniex exchange a few weeks before the event..
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