Banks usually allow depositors to withdraw. Tether's terms and conditions state that they: (1) do not ever have to honor redemptions for US persons (2) do no

Banks usually allow depositors to withdraw. Tether's terms and conditions state that they: (1) do not ever have to honor redemptions for US persons (2) do not have to honor redemptions except to authorized customers (3) only they decide who authorized customers are (4) even for them they can delay withdrawals indefinitely, arbitrarily (5) and even then they can offer whatever they happen to have in reserves in lieu So there's bigger issues than their composition, like the fact they can just sail off and keep the backing, and they don't have to honor withdrawals for anyone ever. You give them $1 (maybe, someone does, probably, honestly its not clear) and you get 1 USDT. That's it. Hope its worth $1 to you because you're not entitled to ever see that dollar again. All this hand wringing over backing doesn't mean much if you're not entitled to it you know? [edit] You don't really need a $1M bounty this is all in their T&Cs, it's just that it is difficult to get a man to understand something when his salary depends upon his not understanding it. [1] tether.to/legal