Not in this case. With Tether, you can "always" (so long as they are willing the to shovel the cash) convert 100K USDT for 100K USD on tether.io. What we often

Not in this case. With Tether, you can "always" (so long as they are willing the to shovel the cash) convert 100K USDT for 100K USD on tether.io. What we often see here in terms of the "price" fluctuating, actually has to do with Exchange prices, and not the tether.io price. Exchange prices are based on dozens of competing mechanics, most notably, the depth of their order book. Since its just people trading with people, you need buyers and sellers on both sides. But if market sentiment plummets, you might have more sellers than buyers who are looking to exit out of the market quick and are willing to take a 1-3% hit to do so, instead of going to tether.io and actually getting the full amount. Until its "proven" that tether.io doens't have the assets (which they obvi dont), AND they stop allowing the 1:1 swap on their platform, UDST will always "be" pegged at $1USD.