According to Bloomberg, citing people familiar with the matter, although stablecoin issuer Tether cannot directly access the U.S. banking system, before Signature Bank was shut down and taken over by regulators in March this year, Tether supported users' cooperation with the Bahamas through Signet Payment Platform of Signature Bank. The bank, Capital Union Bank, sends dollars in exchange for its stablecoin. Earlier, on the day of Signature's closure, Tether CTO Paolo Ardoino responded on Twitter that "Tether does not have any direct or indirect exposure to Signature." Since its inception in 2019, Signet has been operating as a real-time payments platform, even after the closure of Signature Bank.