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In first, Tether pledges to donate $1M for Hurricane Dorian relief

Stablecoins issuer Tether has pledged to donate $1 million to help support victims of Hurricane Dorian that devastated the northwestern Bahamas and caused significant damage to the Southeastern U.S. and Atlantic Canada.

Announcing the news on Tuesday, Tether said the donation will be made through non-profit charitable organization Deltec Cares, which is working to help survivors of the Hurricane in The Bahamas region.

Notably, this is the first-ever charitable initiative by Tether. It is also interesting to note that the firm has had a banking relationship with Deltec Bank & Trust Limited, which is headquartered in The Bahamas.

Tether has also invited its clients to support the relief effort for donations in Tether (USDt) via these two addresses: USDt Omni and USDt ERC-20.

"All contributions will be sent to Deltec Cares (in USDt or, preferred, in cash) to help those in need recover from the devastation," said Tether.

Last week, cryptocurrency exchange Binance's charity unit also started a campaign to help support victims of Hurricane Dorian.