And what about all the cash-for-difference swaps and futures? BitMEX's XBTUSD swap is basically a synthetic dollar that can only be redeemed for Bitcoin within

And what about all the cash-for-difference swaps and futures? BitMEX's XBTUSD swap is basically a synthetic dollar that can only be redeemed for Bitcoin within the walled garden of BitMEX. Tether is like a dollar swap contract that can be moved on-chain and, in theory, can be redeemed for the nominal currency. Of course Tether represents itself as a fully reserved stablecoin, which is likely a total fiction, but in the grand scheme of things I don't think it actually matters much.