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Tether Reopens Fiat-USDT Redemption Platform

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Tether is back in business. Its stablecoin platform, which has lain dormant since last year, is to reopen for fiat deposits and tether (USDT) redemption. The move, described by Tether as a “new vision,” ought to return its stablecoin to the parameters it was originally designed to meet. With a minimum fiat deposit of $100,000, however, Tether’s service will be off-limits to retail investors.

Tether Relaunches Direct Service

Predictions of tether’s demise may have been exaggerated. Within 24 hours of Binance removing tether’s position as its reference BTC-USD pair in favor of a weighting of stablecoins, Tether has relaunched. In a declaration that it is open for business — namely the business of accepting fiat currency deposits and redeeming them for USDT — Tether has reactivated its platform. This will enable new customers to complete verification and existing ones to purchase tethers directly.

In an announcement on Nov. 27, Tether described the news as “an important step in Tether’s journey” and a 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.” Customers will be able to exchange tether for fiat with immediate effect, with the reverse option to be added soon.

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