Cryptocurrency Tether (USDT) is stablecoin. Unfortunately, Tether does not function as advertised. To explain, stablecoin is a crypto currency that is associated with a respected fiat currency. Ideally, one USDT will be worth one US dollar. The problem is that one Tether (USDT) is worth 98.88 ¢ USD on October 19, 2018. Therefore, Tether is worth a little less than US dollars. It shows the Tether there is no Tether conversion one on one to the dollar. The Tether bulls will note that USDT is worth nearly as much as one dollar. However, it violates the promise on the Tether website which claims USDT is 100% supported by USD. The price of Tether Coins raises serious questions about the whole concept of Stablecoin. There is no direct conversion between Tether and the dollar. Indeed, someone who turned Tether (USDT) into a greenback lost 1.22 ¢ on the transaction on October 19 2018. That would convince many people that conversion mechanisms such as Uphold's API are a better deal. The logical conclusion is that the market is preventing one-on-one Tether conversions. To explain, Tether or exchanges must buy dollars in the market for conversion. Therefore, they must pay the market rate for the dollar. In addition, exchanges or Tether charge the market price of Coins for USDT. In that case, conversion of Tether one by one becomes impossible. Another conclusion that we can make is that stablecoin is not possible. To explain, it is not possible to make a cryptocurrency with one on one conversion.