By claiming certain entities can redeem 1:1. No one has ever documented a Tether redemption. They have a very tiny number of clients and the terms say they don’t have to redeem at all.

> No one has ever documented a Tether redemption

Are you just making stuff up? There were $10B worth of redemptions only last week.

No there was a $10 billion market cap reduction. The exchange rate on Tether’s owned exchange, Bitfinex was $1 most of the past week where it was less elsewhere. Likely Tether was using open market operations to trade dollars for Tethers and keep the rate up.

Documenting a redemption would involve using the official redemption mechanism where you redeem $100,000+ at a time, pay a $100-$1000 fee, get a wire transfer from Tether etc. If you can find anyone ever documenting having done that, let me know

How about the CEO of FTX who says they are doing it every day ? https://www.bloomberg.com/news/articles/2022-04-25/odd-lots-...

Sam Bankman Fried would be among those most likely to be co-defendants in a trial.

But, what I said was it’s never been documented.

* Does he buy Tether at par or at a discount?

* Can he redeem when he wants, in any quantity, or do they have arrangements?

* Is he redeeming for dollars or in kind? Terms allow for latter

* Does he buy with dollars or with commercial paper?

I do not believe he has shown material which would let us answer any of these questions