You can redeem Tether USDT 1:1 on tether.to but there’s a catch

The crypto marketplace is successful turmoil, and galore are looking to currency retired of their stablecoins amid unprecedented volatility.

After UST lost its peg earlier this week, USDT is present struggling to clasp its dollar peg connected respective centralized exchanges. Tether claims that USDT tin beryllium redeemed astatine immoderate clip connected tether.to for $1. However, galore users are apt unfamiliar with however to execute this.

How to redeem connected Tether’s website

To redeem Tether for fiat currency, users indispensable spell done a fewer steps earlier sending it to their slope account. However, determination is simply a large drawback that Tether fails to enactment successful its marketing; users person to wage $150 for “verification,” and the minimum transaction magnitude is $100,000.

Additionally, U.S. citizens indispensable beryllium classified arsenic Eligible Contract Participant to redeem USDT via the website.

• You indispensable archetypal marque an relationship connected Tether’s website which is tether.to. You lone request to supply your name, country, and authorities astatine this point.
• Once you person done that, it volition inquire you to verify your email address. This is done by simply clicking connected a nexus sent to your email address.
• Next, you volition beryllium asked to adhd two-factor authentication utilizing a third-party app specified arsenic Google Authenticator.
• At this stage, you indispensable implicit the KYC process successful bid to adhd a slope account. The interest for this is $150. Charging a interest for KYC is highly unusual, Tether states that “the verification interest is intended to guarantee that lone those who are superior astir establishing an relationship apply. The interest besides helps offset a information of the incurred costs from the execution of a robust verification process.”
• Users tin make an ERC20 deposit code to nonstop USDT, EURT, oregon CNHT and an Omni code to nonstop conscionable USDT. It is important to enactment that the minimum deposit magnitude is $100,000.
• Upon transferring Tether tokens to a deposit address, users tin adhd a slope relationship to retreat fiat currency. The adjacent drawback comes successful the information that Tether charges a 0.1% interest for withdrawals up to a maximum of $1,000, which means Tether is redeemable astatine $0.99 for up to $1 million, and past $1 supra $1million successful presumption of wealth successful the bank.

U.S. retail investors excluded

Further, the presumption and conditions authorities that U.S. citizens are prohibited from utilizing the tether.to site. Any U.S. idiosyncratic is simply a lawsuit of Tether Limited alternatively than Tether International Limited.

Any idiosyncratic who is simply a U.S. Person and immoderate entity that is simply a U.S. Person is prohibited from utilizing the Site oregon immoderate Services, including but not constricted to utilizing a Digital Tokens Wallet connected the Site. Exceptions to this argumentation whitethorn beryllium made by Tether, successful its sole discretion, for Eligible Contract Participants only, which shall beryllium customers solely of TLTD.

The wording besides suggests that the lone U.S. parties who tin interact with Tether Limited are “Eligible Contract Participants.”

As defined by conception 1a(18) of the United States Commodity Exchange Act, this lone includes idiosyncratic investors with much than $10 million, individuals with $1 cardinal nett worth, fiscal institutions, security companies, and concern companies.

This appears to beryllium adjacent stricter than the regulations for accredited investors meaning that individuals with an income of astatine slightest $200k are besides excluded.