[encoderer]

My understanding is that tether exists so you can sell your alt-coin position to something resembling USD in volatility, vs selling them for btc.

You can use USDT to buy ETH or BTC, and thats enables liquidity to USD fairly easily.

I'm not defending Tether, I'm just pointing this out because your comment makes it sound to me like a trap that nobody has gotten any value out of.

[brokensegue]

lots of people get value out of ponzi schemes too (until they don't)

[encoderer]

Not the point. Why not just play straight with the facts?

Nobody ever has to be able to redeem for dollars as long as exchanges keep making markets with usdt.

I have no position in tether, haven’t used it, just interested in cutting thru misinformation.

[brokensegue]

the exchanges aren't the ones tasked with defending the peg though.