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Following yesterday's announcement by Bitfinex regarding their new attachment-related "neutrality" (USDT) and their intention to use other dollars in addition to the USDT, The Tether cryptography company reactivated its former business model of allowing the USD to pay itself at a rate equal to 1 platform.
"Now, thanks to the strengthening of banking activities resulting from our new relationship with Deltec, Tether is able to return to its original vision of having a portfolio to create and share directly on its own platform, without use a third party. This update allows the immediate removal of Tether to fiat (1: 1), with the possibility of acquiring soon. "
Users who wish to withdraw USDT from Bitfinex will do so at market rates, rather than one-for-one, as with other coins offered. As we have pointed out in the past, Tether separates from time to time from its dollar peg because of market pressure, sometimes even higher or higher than five cents.
Tether has also released a rate card for deposits and withdrawals of currency on the platform. To use the Tether withdrawal system directly, customers have to work with over 100,000 USD. To do this, they must pay 0.1% to make a shadow deposit or the maximum of $ 1,000 or 0.4% to make a withdrawal. Guests of all sizes can only make one immediate withdrawal per week. Transactions over $ 1 million are subject to a 1% fee, while transactions over $ 10 million are billed at 3%, or a minimum of $ 300,000. However, the filing fee is fixed at 0.1% regardless of size.
Merchants seeking to make gains will need to determine the best route for doing so. There is no charge for entry / exit of the USDT on its official Tether account. Traders will need to develop strategies to maximize the utility of fee structures in the dozens of places where they could potentially trade their chips for cash and / or other cryptos.
On the other hand, the newcomer Paxos Standard (PAX) does not charge any fees. Withdrawals are not instant due to the functioning of Paxos, but they take place according to a regular schedule that is published by the company. They also reserve the right to change their rate structure at any time. Similarly, Circle's US Dollar (USDC) coin does not charge any fees for withdrawals. The latter and Paxos have a minimum of 100 USD for conversions.
It is worth noting that, at the time of writing this article, Paxos Standard was trading at a premium on Binance over the USDT, meaning that a user who wanted to convert the USD would in Pax to avoid expenses would do so primarily for a fee of 1% plus foreign exchange charges. Anyway, you seem to go, with the loin, you will pay.
Featured image of Shutterstock.
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