Tether, Britannia Financial in Legal Spat over $500M Deposit!

Tether has deposited over $1 billion with a subsidiary of investment bank Britannia Financial, according to court filings. This move is at the center of a legal dispute between Britannia and British Virgin Islands-registered Arbitral International, which claims Britannia failed to pay the full price for a Bahamas brokerage it bought from Arbitral in June 2021. Arbitral alleges that Britannia is entitled to extra money from assets generated by the business in the year following the sale, as per an agreement between the two firms. Britannia denies this, stating that Tether’s deposit is unrelated to the brokerage it bought from Arbitral. Tether’s $86.4 billion worth of assets are primarily held in U.S. Treasury securities, with $5.2 billion in secured loans.