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A comment on Binance says banking partner will stop processing SWIFT transfers under $100K. Parent comment

Re:Binance says banking partner will stop processing SWIFT t... by wongarsu on Saturday January 21, 2023 @09:19PM (#34473477)
At small scale, you can meet up with someone at the coffee shop, you transfer the USDT, he hands you USD bills (this has been a real thing for a while). At large scale you can have large distributors that buy your USDT at an agreed price, and then sell it on either to other large companies or to a distribution network to the people who will at some point buy stuff from you for USDT.

In the end it's a circular economy in a way, for anyone cashing out USDT there is someone cashing in (assuming the price stays constant). Right now we match them up with marketplaces and SWIFT transfers, but people running around with suitcases of cash would work just as well.

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Re:Binance says banking partner will stop processing SWIFT t... by skohan on Saturday January 21, 2023 @10:04PM (#34473798)
Surely you would agree that having crypto wired into the banking system inspires more confidence than “I give you a briefcase full of cash and you give me an entry in a ledger”

You have to have an awful lot of trust that this briefcase full of cash will be available to train back should you ever want it again.

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