Yes, the latter. It’s an inconvenience in that you have to take the stablecoin to some other provider (incurring a blockchain transaction fee) and then sell/red

Yes, the latter. It’s an inconvenience in that you have to take the stablecoin to some other provider (incurring a blockchain transaction fee) and then sell/redeem it there. Which is annoying since conversion to USD is a core role of an exchange. It would be like if you wanted to write checks on your bank account, and your bank helpfully told you that you could transfer money to an account at another bank and write checks on it there. You still have access to the funds, you can still write checks, but … thanks for nothing.