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Stablecoin Tether, a popular group, has announced 1: 1 buybacks from the USD to FIAT, while affiliated cryptocurrency company, Bitfinex, has added two new Tether-Fiat exchange pairs, according to the announcements of the two companies on Tuesday and November 27.
Tether has announced the direct takeover of Tether to fiat as well as a major overhaul of its platform for checking new customers.
According to the official announcement, the update allows users to exchange their chips on the Tether.to platform at a USDT / trustee ratio of 1: 1. All deposits and withdrawals from Tether are void while direct transfers are subject to commissions. Tether customers will be limited to a fiat exchange in US dollars per week. Tether's minimum issue and redemption obligations are USD 100,000 and USD 100,000, respectively.
Structure of the fees for withdrawals and deposits in a period of 30 days. Source: Tether.to
In addition to the recent Tether.to update, Bitfinex, an important cryptography market, introduced fiat-to-tether direct trading by adding the Tether Dollars (USDT) and Tether Euros (EURT) trading pairs. From now on, user portfolios will support USD and EURT in addition to existing balances in US dollars and euros.
Bitfinex explained that all US dollar balances on the stock market would not be affected by the new feature. However, Tether deposits initiated before 2:30 pm (UTC time zone) on November 27th are credited to users' fiat portfolio balances, while Tether deposits made after the indicated time will be credited as Tether.
The Tether Stablecoin was launched in October 2014 with the aim of providing quick transfers between different stock exchanges while benefiting from the stability of the US dollar. The company put in place another euro-denominated fixed euro in August 2016, claiming that the EURT token was fully secured by a Taiwan bank trust with a 1: 1 deposit rate in coins issued.
Both Bitfinex and Tether have been accused of insolvency and non-transparency, raising concerns about the 1: 1 parity of the controversial stablecoin. In June of this year, Tether's general counsel, Stuart Hoegner, said Tether had enough US dollars to back up each of the listed tokens.
In early November, Brazilian prosecutors sought help from the Bahamas authorities to investigate suspicious transactions with Deltec Bank & Trust, Tether's banking partner, and accused of accepting laundered funds.
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