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You can't though. That's the problem. Nobody will actually exchange USDT for USD 1-1 unless something has changed very recently.
by jki275 7y ago
You can't though. That's the problem. Nobody will actually exchange USDT for USD 1-1 unless something has changed very recently.
- jwinterm 7y agoThis market has been operational for a couple years now I think: https://trade.kraken.com/markets/kraken/usdt/usd https://trade.kraken.com/markets/kraken/usdt/usd That is a San Francisco based exchange with USD deposits and withdrawals. There's been a couple times where tether has been under a dollar during times of high uncertainty (and I think relatively low liquidity of this trading pair), but generally you can trade tether for USD and withdraw here.
- jki275 7y agoInteresting to see that it exists -- I know there was a great deal of controversy over the fact that Tether would not redeem them ever. The order book there is awfully thin for an asset worth the billions USDT is supposed to be though.
- lacker 7y agoIf can exchange USDT for BTC at the same rate that you can exchange USD for BTC, that's good enough to make 1-1 the going rate for USDT <-> USD. Yeah, it's inconvenient to exchange USDT into dollars, but the ability to easily exchange into dollars isn't the primary utility of stablecoins.
- jki275 7y agoRight -- it's the ability to avoid changing to USD, while pretending that you can if you want to.