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This really dips into conspiracy levels: Tether has many customers who can redeem USDT for real dollars. Many companies do this and are very open/vocal about th

This really dips into conspiracy levels: Tether has many customers who can redeem USDT for real dollars. Many companies do this and are very open/vocal about this. Our company has done this as recent as late last week.

phphphphp 4y ago
Something I’ve been wondering is how Tether, which has a very difficult history of banking, has been able to pay out billions of dollars in USD in a few days (regardless of having it — even if they had it, I assumed it would be very difficult). Can you share how your USDT was redeemed — was it to USD from a US banking institution (a wire?) or some other mechanism? Thank you!
- jules-jules 4y ago
  Their are principally using San Diego-based Silvergate Bank https://www.silvergate.com/ https://www.silvergate.com/
  - phphphphp 4y ago
    For future reference, Silvergate CEO has denied any relationship with Tether in a podcast: https://open.spotify.com/episode/02VtOivOHp3spZ2qOxMhdC https://open.spotify.com/episode/02VtOivOHp3spZ2qOxMhdC
  - phphphphp 4y ago
    thank you! Very interesting. According to their latest financial reports, their volume of deposits doesn’t marry up with the claims made by Tether. Will be very interesting to see what Silvergate report as inflows/outflows at the end of the next quarter.
lmm 4y ago
The last I heard no-one could name a single independent customer who had actually cashed out. Has that changed?