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Finance

Tether Was a Client of Signature Bank's Signet: Bloomberg

Tether CTO Paolo Ardoino, in response to the Bloomberg article, denied the company has exposure to Signature Bank.

By Helene Braun
AccessTimeIconApr 4, 2023 at 8:11 p.m. UTC
Updated May 9, 2023 at 4:11 a.m. UTC
Tether's logo (Nikhilesh De/CoinDesk)
Tether's logo (Nikhilesh De/CoinDesk)

Tether, the world's biggest stablecoin issuer, was a client of Signature Bank's widely used Signet payment network, Bloomberg reported.

Tether, according to Bloomberg, used Signature Bank's Signet payments platform to transfer U.S. clients' funds to Capital Union Bank, the issuer's banking partner in the Bahamas up until Signature Bank shut down in March and was taken over by regulators.

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    • Tether Chief Technology Officer Paolo Ardoino, in response to the article, tweeted that Tether "didn't have any direct or indirect exposure to Signature."

    Signet, which started in 2019 as a real-time payments platform and was an important technology for many institutional crypto clients, including exchanges Coinbase and Kraken, continues to operate even after regulators shut down the bank.

    CORRECTION (April 6, 2023, 17:15 UTC): After Bloomberg corrected their story, this story has been updated to say that Tether was a user of Signature Bank's Signet.

    Edited by Nick Baker.

    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Helene Braun
    Helene Braun

    Helene is a New York-based reporter covering Wall Street, the rise of the spot bitcoin ETFs and crypto exchanges. She is also the co-host of CoinDesk's Markets Daily show. Helene is a graduate of New York University's business and economic reporting program and has appeared on CBS News, YahooFinance and Nasdaq TradeTalks. She holds BTC and ETH.

    Follow @HeleneBraunn on Twitter