Tether Ketahuan Deposit Dana Rp15,5 Triliun Ke Britannia Financial Group

Tether, a USDT stablecoin publisher, saves billions of dollars in Britannia Financial Group. (Photo; Doc. Bitcoin.es)

JAKARTA - In today's digital era, crypto assets have become an integral part of the global economy. One of the main players in the industry, Tether, the publisher of USDT stablecoins, has recently been in the spotlight because of the large amount of funding deposited into the Britannia Financial Group. This transaction has sparked a legal dispute.

In November 2021, Tether deposited around $1 billion or equivalent to IDR 15.5 trillion to a subsidiary of Britannia Financial Group in the UK, as revealed by the Financial Times. The disclosure of this censorship arose amid a legal dispute between Britannia Financial Group and Arbitration International.

Arbitration filed a lawsuit against Britannia in London earlier this year, accusing the bank of failing to fulfill its payment obligations for a Bahamas-based broker acquired in June 2021. Following the acquisition, both sides agreed for additional costs based on assets that generate one year of revenue, including clients introduced by Arbitral or other entities.

Arbitration accused Britania of not paying for Tether's $1 billion deposit, which took place within one year after Britannia bought the broker. However, Britania denied the claims, saying the deposit was made to its London-based subsidiary, which is different from the broker acquired from Arbitral.

There is a difference of opinion between the company regarding the origin of Tether's deposit. Britania claims relations with Tether through Aldo Mazella, a professional introduction, while Arbitral argues that an executive of his former broker plays a role in the process.

Tether, which has not responded to a request for comment from CryptoSlate, is a digital asset pegged to the US dollar and is the world's largest stablecoin. USDT has a supply circulating more than 88 billion and controls about 70% of the market, according to CryptoSlate data.

Due to its significant role in the cryptocurrency industry, Tether's financial management practices have faced questions, demanding companies increase transparency over reserves supporting USDT stablecoins. However, Tether has publicly stated that they remain fully supported, with their new CEO, Paolo Ardoino, pledging to publish the real-time approval of its reserves in the future.