In most developed nations, capital gains tax applies even against "like-for-like" trades. The swap between crypto types triggers a capital gain event and resets

In most developed nations, capital gains tax applies even against "like-for-like" trades. The swap between crypto types triggers a capital gain event and resets your cost basis. So people using USDT to move funds between exchanges without paying taxes on their gains are probably asking for trouble. USDT _IS_ a useful tool to facilitate quick movement of funds between exchanges without the delays and expense of the conventional financial system, though. I'm not an accountant, and I'm not your accountant. Not financial advice.