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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)

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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.

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.

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The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups 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, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.

Helene Braun
Helene Braun

Helene is a New York-based news reporter at CoinDesk, currently covering the criminal trial of infamous crypto mogul Sam Bankman-Fried. Helene is a recent graduate of New York University's business and economic reporting program and has appeared on CBS News and Nasdaq TradeTalks. She holds BTC and ETH.

Follow @HeleneBraunn on Twitter

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