Tether now enables USDT in US dollars to be exchanged again on its own platform. The decision was made during the redesign of the platform. But not every investor can exchange his stable coins for fiat money.
The report by the law firm Freeh, Sporkin & Sullivan (FSS), which is still emblazoned on the Tether home page and is supposed to confirm Tether’s US dollar stock, did not help either. Here, too, personnel links between the FSS and one of the tether banks ensured that doubts about the stability of the stable coin remained. The fact that the exchange of USDT for USD at a ratio of 1:1 did not have to take place via the tether platform but via the Bitfinex crypto exchange was a gift. At least on this point, however, there is good news for the holders of USDT tokens.
Prerequisite: Bitcoin loophole wallet
As the company recently announced, it is once again possible to exchange your USDT for Bitcoin loophole directly at Tether. Provided you have a full Bitcoin loophole wallet. Only those can make use of the new option who want to deposit or withdraw at least 100,000 US dollars with Tether. Thus, the offer is clearly tailored to professional investors. The fees for US dollar deposits and withdrawals are between 0.4 and 3 percent, but at least 1,000 US dollars. A maximum of one withdrawal per week in US dollars is allowed.
The fee structure for USDT and Fiat transactions on the Tether Platform
The fact that the exchange can now again take place directly at Tether is explained by the company as ‘strengthening [its] banking business’, which was accompanied by the switch to Deltec Bank. However, the tether exchange rate is still struggling with the US dollar parity.
Tether is undoubtedly one of the crypto companies that have made the most wind this year. To the disappointment of the company (and the USDT holder), most of these were shitstorms that were fed by doubts about the company’s US dollar reserves. Questionable personnel connections between Tether, their former bank Noble and the crypto exchange Bitfinex reinforced fears that Tether might not have one US dollar in his account for every USDT.