Tether Launches “Redesigned Platform” Offering New Customer Verification and Tether-to-Fiat Redemptions
Tether has been around for just over four years now, coming at a time when the market lacked stability and took several days to transfer funds. The company established a stablecoin at the time, but the massive growth of the industry last year led it to grow, rendering their model unmaintainable. At the time, they sought the help that Bitfinex could offer with their security and setup, helping them keep up with the customer volume and maintain their original 1:1 ratio.
Since then, Tether has held onto its stablecoin, but has been present in the news lately for the debate over the validity of their relationship with Deltec Bank. Still, in a press release from the official website, they credit their strength to the Bank. With this relationship, they said,
“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. This update allows the immediate withdrawal of Tether to fiat (1:1), with the ability to acquire coming soon.”
Starting on November 27th, Tether has new requirements for minimum issuance and redemption, which are 100,000 USD and $100,000 USD₮, respectively. The customers that participate will only be able to take advantage of one of the USD-fiat redemptions weekly, but there is no fee for both deposits and withdrawals involving Tether. Fiat deposits will incur a 0.1% fee, while withdrawals will vary, based on the amount withdrawn.
We have a big announcement! Today we are proud to launch a redesigned platform for the verification of new customers and direct redemption of Tether to fiat via https://t.co/XS46TbUCuL.
To find out more, head to https://t.co/Nn3WUrnRuA.
— Tether (@Tether_to) November 27, 2018