Tether, the company, has announced its customers can once again deposit and redeem the tether (USDT) stablecoin for fiat currencies on its platform.
The stablecoin, which aims for parity with the dollar, has had a rocky road in recent months, losing its dollar peg for a time, facing competition from a number of sources, even burning 500 million of its stablecoin. And there’s that reported investigation into whether tether was used to push up the price of bitcoin (BTC) last year.
Now, Tether said, it is reopening account verification for new customers along with the USDT-fiat redemptions. Tether said withdrawals and deposits would be subject to minimums of $100,000 and 100,000 USDT, respectively.
“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,” the company said in a post on its website. “This update allows the immediate withdrawal of Tether to fiat (1:1), with the ability to acquire coming soon.” Read more here.