Tether, the leading stablecoin USDT issuer in deep trust crisis, has found a new owner.

On November 1, Tether confirmed that it has established a partnership with Deltec Bank & Trust Limited (“Deltec”), a 72-year-old financial institution headquartered in the Bahamas, Hong Kong.

To prove its bank balance, Tether issued aLetter from DeltecstatementstatementAccording to the statement, Deltec opened this account after several months of evaluation, including an analysis of our compliance process, policies and procedures; it also included a comprehensive background check of our company's shareholders, ultimate beneficiaries and staff; As well as assessing our ability to maintain the peg to the U.S. dollar at all times and our financial management policies.

This is good news for USDT investors who have been hit hard by the recent plunge.

On October 15, USDT plummeted by 8% within 2 hours. In fact, since October, the price of USDT against the U.S. dollar has been falling all the way. There may be different opinions on the reasons for the plunge or hidden dangers for a long time, but the most direct trigger is the unsustainability of the old club Noble Bank.

The news that USDT broke up with its old club Noble Bank came out in early October. Puerto Rico-registered Noble Bank is seeking a buyer for between $5 million and $10 million due to erratic revenues caused by the 2018 cryptocurrency bear market, according to Bloomberg. The bank was once the main reserve bank for Tether (USDT).

According to an unidentified source, the bank's main clients, Tether and cryptocurrency exchange Bitfinex, are looking to other banks for support. Zhao Dong, a shareholder of Bitfinex, also claimed on social platforms that the usd balance of Bitfinex/Tether in Noble Bank is only $66.78, and denied the news that Bitfinex/Tether is cooperating with HSBC.

In fact, as the largest and most influential stable currency in the current encryption world, the encryption company Tether has always been suspicious of the statement that "USDT and the US dollar are pegged at 1:1", because Tether has never issued an authoritative three-party agreement. Audit to prove that there is indeed a full US dollar backing behind it.

Even if there is news about the supporters of the U.S. dollar reserve, it will be exposed by the media or reports.BitMEX CCN reportsCCN reportsBitfinex has opened an account with Noble Bank International, a financial institution located in San Juan, Puerto Rico, but Noble does not hold funds directly, but cooperates with Bank of New York Mellon as a third-party custodian.

Although unofficial, it at least shows to a certain extent that USDT is backed by U.S. dollar reserves.

However, the enigma of the custodian bank again, coupled with the fact that Tether was suspected of spamming USDT, manipulating the price of BTC, and sharing a management team with Bitfinex, and the complex relationship between the two, all made USDT face a dilemma in October this year. The dilemma has also left a market for many emerging stablecoins.

This time USDT took the initiative to officially announce a new owner, and it must have learned a lesson from the sharp drop. Even so, cryptocurrency commentator Joseph Young reminded investors that they still need to pay attention to: 1. The assessment of funds in the previous months; 2. What is the balance of USDT throughout 2018. Tether, he said, is like the kid at school who keeps forgetting the last page of his math homework.