Crikey, someone made a credible claim that they found where Tether was banking: Puerto Rico, which (despite being in financial crisis) had a niche line of banking providers gain ~$2 billion in deposits in cash in Q4 2017 with no impact to non-cash assets, equity, or revenue.
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"Excuse me I'd like to make a deposit into your non-banking niche financial institution." "Sure, how much for?" "$3.1 billion." "Right away sir."
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