[md_]

In principle, there's no reason someone like Revolut can't just offer virtual (but backed by segregated client assets) accounts with "real" USD to people living in those countries.

It may be a compliance issue, of course. If you want to stay on the good side of the US Treasury, compliance could be expensive, especially in certain countries.

But the basic premise here is that USDT's risk premium is worth it as the cost of avoiding compliance, which, sure, I guess.