Breaking: Tether’s $1 Billion Deposit in UK Firm Sparks High Court Dispute

According to a recent report, Tether, the issuer of the world’s largest stablecoin, finds itself at the heart of a legal dispute in London’s High Court. The case revolves around a hefty sum of over $1 billion deposited by Tether with Britannia Global Markets, a subsidiary of the prominent investment bank Britannia Financial.
Background of the Dispute
This legal confrontation stems from a separate deal involving Britannia Financial. In June 2021, the investment bank acquired a Bahamas brokerage from Arbitral International, a company registered in the British Virgin Islands. However, Arbitral International alleges that Britannia Financial failed to pay the agreed-upon price for this acquisition.
Consequently, Arbitral claims entitlement to additional funds, citing an agreement that promised them a share of the business’s assets generated in the year following the sale.
Tether’s Role in the Dispute
However, the plot thickens as Britannia Financial counters these claims, highlighting Tether’s billion-dollar deposit with its subsidiary, Britannia Global Markets. The investment bank asserts that this transaction is entirely unrelated to the brokerage deal with Arbitral. This claim has brought Tether’s involvement into sharp focus, adding a layer of complexity to the ongoing legal battle.
Tether’s USDT stablecoin is a cornerstone in the cryptocurrency world, offering users a shield against the often erratic price movements of cryptocurrencies. With an asset base of $86.4 billion, Tether’s holdings are primarily in U.S. Treasuries, alongside $5.2 billion in secured loans. This deposit with Britannia Global Markets marks another significant move in Tether’s financial strategy.
Read Also: Pro-XRP Lawyer Asks Charles Hoskinson To Prove ADA’s Non-Security Status Amid SEC Scrutiny
- Roger Ver, ‘Bitcoin Jesus,’ Settles $48M Tax Fraud Case with U.S. DOJ
- Senate Democrats’ New DeFi Proposal Stalls Crypto Market Structure Talks
- Zcash (ZEC) Extends Rally Above $200 as Privacy Narrative Gains Reflexive Momentum
- Pump.fun Rival Zora Rallies Over 30% Following Robinhood Listing
- Peter Brandt Lists XRP Among Shorts Amid Crypto Market Crash
- Dogecoin Price Prediction as $23M Leaves Exchanges—Is the Parabolic Phase Beginning?
- Pi Network Price Collapses as Analyst Proposes Turnaround Tweaks
- Solana (SOL) Price Prediction: Analyst Eyes $1,300 as SOL DAT Company Plans 5% Supply Acquisition
- Bitcoin Price Prediction as US Govt. Shutdown Extends- What’s Next for BTC?
- Solana Price Megaphone Points to a Parabolic Move as SOL Treasuries Near $3B
- XRP Price Prediction Amid ETF Approval Roadblock as Analyst Warns of $2.72 Dip