> These guys take your USD and issue you equivalent tokens you can trade with. Nope. That's how it was until about a year ago, when all their banking accounts

> These guys take your USD and issue you equivalent tokens you can trade with. Nope. That's how it was until about a year ago, when all their banking accounts were closed (probably due to the issue you describe). For the past year, they just randomly printed millions of "US-Backed" tokens, and people trade them as if they were actually backed by dollars, even though they are not the result (since a year ago) of any USD deposits, and even though you can exchange them for actual USD. It's bizarre.