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A comment on Tether USDT is depegging from dollar. Parent comment

Re:Tether USDT is depegging from dollar by machina_ex_deus on Thursday November 10, 2022 @07:51AM (#33545701)
That's not so accurate. The real pegging is by exchanges which deposit real dollars back into your bank account. You know the real mayhem starts when the exchanges start stopping withdrawals.
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Re:Tether USDT is depegging from dollar by Waterluvian on Thursday November 10, 2022 @08:09AM (#33545862)
Are exchanges obligated to conduct a trade? Ie. Are they like a bank, holding your deposit? Or are they like a third party FX booth at an airport?

If the latter, how is this not the most perilous currency to hold?

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Re:Tether USDT is depegging from dollar by lolc on Thursday November 10, 2022 @08:56AM (#33546446)
Thether is not Dollar. Nobody is obliged to give you Dollars for Thether. Until you make the deal.

Banks are not obliged to exhange currencies for you either, by the way. Many do, at a rate favorable to them.

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Re:Tether USDT is depegging from dollar by Waterluvian on Thursday November 10, 2022 @09:04AM (#33546561)
Right. So it’s definitely an “exchange” and not a “we’re giving you your deposits back.”

Thanks.

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