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.

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