Tether Redesigns Platform and Opens Direct 1:1 USDT to Fiat Redemption
Tether announced the successful redesign of its platform, making it modern and more suitable for the current conditions on the market. The stablecoin platform is now offering 1:1 conversion between fiat currencies and USDT.
Since its establishment in late 2014, Tether has grown exponentially in such a rate that the initial model of the platform could not handle the pressure of the dynamic market, which evolves every hour. To ensure that it continues to hold the position of a leading stablecoin, the team behind the currency has strived to improve the platform and its services, including starting new partnerships like the one with Deltec. With Deltec’s help, Tether is now able to continue with their original idea — to have a wallet for direct withdrawal with no intermediaries.
The new minimal requirement is for the issuance and redemption to equal 100.000 in USD and USDT. The withdrawals are feeless and there is a limit of one redemption per week. Here is the comprehensive table, available on Tether’s website:
Even though Tether and its new partner Deltec have been the subject of investigation and allegations in the past, the improvement of the platform is a huge step forward. It is also necessary in order for Tether to continue dominating the stablecoin field. Tether stated in June that they have enough US dollars to back up each token and so, the direct withdrawal offers instantaneous and secure transactions.
Alongside the release of the platform, Bitfinex has also added 2 new trading pairs — USDT/USD and EURT/EUR. The exchange has stated that existing US dollar balanced would not be affected. The new pairs are said to be replacing the previous 1:1 conversion on Bitfinex deposits and withdrawals, reflecting on the increasing diversity in stablecoins and demands from the Bitfinex community.