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USDT actually has a cash out mechanism directly with Tether (the company), right? If it is trading at 0.9935 (coinmarketcap showing this now), what's stopping p
by skizm 4y ago
USDT actually has a cash out mechanism directly with Tether (the company), right? If it is trading at 0.9935 (coinmarketcap showing this now), what's stopping people from buying 1 million USDT and selling back to the company to make a $6500 profit? Is moving it around very slow? Is the cash out mechanism limited to X per day or something?
- t0mas88 4y agoYou would need to move 1 million into some crypto exchange, there is a bit of risk there and it takes significant amounts of time. Then go and buy 1 million of USDT, you can see the live orders here, there are several buy orders even above a million for prices between 0,98 and 0,99: https://ftx.com/trade/USDT/USD https://ftx.com/trade/USDT/USD And then you need to take your 1 million USDT to Tether, become a verified customer (I'm guessing this takes time as well) and exchange them for real dollars. Which they will then probably take a few days to deliver to you. So I can see how that may make sense for someone that's already through most of those steps and at lower prices like the 0,95 from this morning. But at the current 0.9944 sell price I don't think it's worth it for many people.