Tether (USDT) is similar to fiat currency in the blockchain world. Bitfinex is the central bank. How they operate is a bit of a black box. I know for a fact tha

Tether (USDT) is similar to fiat currency in the blockchain world. Bitfinex is the central bank. How they operate is a bit of a black box. I know for a fact that major firms indeed conduct fiat conversions through them, but you need a Hong Kong bank account. Tether is less sketchy than people say, but the fact it seems sketchy is actually a benefit for a lot of traders who worry about coins such as USDC being seized on court order (USDC retains functions in the contract to freeze funds, and maintain US physical presence). The theory that USDT is printed to pump up the BTC price is not accurate.