Tether Trying to Bounce Back to its Feet, Reopens Account Verification and Fiat Withdrawals

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Tether ( USDT ), the world’s first unstable stablecoin has
announced the reopening of account verification and redemption
of USDT to fiat straight from its platform, according to a press
release by Tether Ltd., on November 27, 2018.

TETHER STAGING A COMEBACK?

Tether Ltd., the firm in charge of USDT, the world’s supposedly
first stablecoin that stands at 1:1 with the U.S. dollar, has
announced the launch of its redesigned platform that will
seamlessly handle new customer verifications and make it
possible once more for USDT holders to exchange it for fiat
directly on Tether’s site.
As stated on its website, Tether claims the massive influx of
crypto traders into its platform last year made it impossible for it
to sustain its initial business model which was designed to allow
direct redemption of USDT to fiat.

Against that backdrop, the company said it was left with no other
choice but to engage the services of Bitfinex cryptocurrency
exchange which it says has a more robust infrastructure to handle
the massive traffic, coupled with the existing business relationship
they used to have.
“Now, thanks to a more robust banking partnership with Deltec,
Tether is able to return to its original vision of having a wallet for
creating and redeeming directly on its platform without relying on
a third party,” declared Tether, adding “This update allows instant
withdrawal of Tether to fiat (1:1), with the ability to purchase
coming soon.”

FOR INSTITUTIONAL INVESTORS ONLY

While Tether’s newly revamped platform might give a sigh of relief
to the firm’s loyal customers, the team has however made it clear
that the new system was crafted with only institutional investors in
mind.

Tether says starting immediately, the minimum withdrawal and
issuance for all accounts is now $100,000 and 100K USDT
respectively.
In addition, all withdrawal transactions from $100K to $1 million
will attract a 0.4 percent charge while fiat deposits of the same
amount will get a 0.1 percent fee.

Also, U.S. dollar fiat withdrawal from 10,000,000 (ten million
dollars) and above comes with a 3 percent fee while deposits
remain at 1 percent.
All Tether deposits and withdrawals of any amount remain free.

THE CALM AFTER THE STORM?

Life indeed is full of ups and downs, and Tether has had its fair
share of turbulence in recent times.
As reported by BTCManager , on November 20, 2018, the
UnitedStates Department of Justice in collaboration with the
Commodity Futures Trading Commission launched a fresh criminal
probe into the firm’s involvement in the purported bitcoin price
manipulation of 2017.
While Tether’s challenges have given other stablecoins like the
GeminiDollar (GUSD), Circle’s USDCoin (USDC) and the rest a
chance to rule the world of stablecoins, it remains to be seen
whether Tether’s fight to return to the top will be a victorious one.

Source : https://btcmanager.com