Some leathers do and some don't cause tarnish. It use to be said that veg tan leather did not and chrome tanned leather did. This is a wive's tale as either can or can not. I think it has to do with the quality of the tanning and how well the leather is rinsed of the tanning solutions.
Agree with this. Most of the leather sheaths or slips I've used don't have a problem with this. But I do have an old Western L48A fixed blade that was given to me by my Dad 45 - 50 years ago. It has lived almost it's entire life in the sheath. No issues at all with the blade itself there. But the little bit of contact between the leather and the brass guard has always left a little bit of verdigris on the brass. Not enough to worry about or cause any significant damage to the guard. But it has been very, very consistent over the years. I take the knife out, once in a while, and polish the verdigris off the brass.
A while back, I decided to try something I'd read about on the web, and placed the sheath in a Zip-Loc bag with enough baking soda to cover it. The hope being, the baking soda would help neutralize any acidity in the leather, from the tanning chemicals. I left the sheath in there for a few weeks, as I recall. After taking it out, it did seem to help in keeping the verdigris at bay - for a while. But after some months' time, it seems the leather is once again leeching something out that's still leaving some 'green' on the brass. As referenced in the quote above, I also attribute this to the particular character of the tanning process, for that sheath. No other sheath I own exhibits the same sort of problem, so far as I can tell.
In the short-term, I've now inserted a piece of heavy card stock paper in the sheath, to put a barrier between the leather and the brass. I just cut the paper to shape, to fit in there. That seems to be enough to keep the verdigris off the brass, for now.