Tether’s Bank Says It Invests Customer Funds in Bitcoin.

[Malam90]

Deltec Bank & Trust announced it had invested customer funds in bitcoin since the cryptocurrency's price was around $9,300. Deltec, Tether’s Bahamas-based bank, announced Thursday it was investing customer funds in bitcoin.

The announcement, made by Deltec Bank & Trust Chief Investment Officer Hugo Rogers during a year-in-review video, raises new questions about whether the dollar-pegged USDT stablecoin, which is in theory backed by cash and “cash equivalents,” as well as “other assets and receivables made by loans,” is actually backed in any way by bitcoin.
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