Tether reopens direct Tether-Fiat transactions
|- The company relaunched Tether-Fiat transactions after a year of suspension.
- The new accounts verification process is reopened.
Tether company, the operator of the most popular stablecoin, launched a redesigned platform for direct Tether redemption via fiat and started accepting applications from new users, according to the press release, published on the official website of the project.
Earlier, the company suspended the direct Tether to fiat conversion due to significant growth of transaction volumes that created the system overload. However, a partnership with Deltec allowed the company to return to its original vision that implied direct transactions with Tether via proprietary platform with no third parties involved. The company says that users will be able to buy USDT directly and redeem of Tether to fiat once a week.
"Now, thanks to stronger banking as a result of our new relationship with Deltec, Tether is able to return to its original vision of having a wallet for creating and redeeming directly on its own platform without having to rely on a third party. This update allows the immediate withdrawal of Tether to fiat (1:1), with the ability to acquire coming soon."
Apart from that, Tether published the fees applicable to Tether transactions on the platform and requirements for new accounts
"Designed with Tether’s professional investor audience in mind, from 27th November 2018, all accounts will have new minimal issuance and redemption requirements equal to 100,000 USD and $100,000 USD₮, respectively."
The fee structure is based on a progressive scale. Thus, for example, a user will have to pay 0.4% to withdraw to fiat and 0.1% to deposit funds in the amount of $100 000 - $999 999 (but not more than $1000). However, users will pay 1% to transact from $1M to $10M from Tether to fiat and backward. Transactions in USDT are free of charge.
Meanwhile, the US Department of Justice is investigating the case of alleged Tether price manipulations that might have caused Bitcoin rally int he end of 2017.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.