[pjc50]

> usually create tethers 1:1 in response to deposits the vast majority of times

This as quite often been in whole round billions in the middle of the night on a weekend ...

> people in the east actually deposit fiat into bitfinex

In non-convertible RMB?

I appreciate that the demand for a way round currency controls is a big driver for cryptocurrency, but I'm still not clear how that sustainably functions.

[vmception]

Which doesn't inherently imply anything.

Are those country’s financial networks so primitive that a transaction message cant be sent on a weekend like in antiquated networks?

There is also other fiat than mainland RMB