The fundamental problem with arbitrage -- and one of the major reasons why this moment has been predicted by many -- is that Tether will not redeem USDT for USD

The fundamental problem with arbitrage -- and one of the major reasons why this moment has been predicted by many -- is that Tether will not redeem USDT for USD. So you can buy all the "cheap" Tethers you like, but you can't turn them back into fiat. Pretty much the only major exchange that does USD/USDT trades is Kraken, and the rate is looking distinctly wobbly today: https://www.coingecko.com/en/price_charts/tether/usd https://www.coingecko.com/en/price_charts/tether/usd