[phphphphp]

Something I’ve been wondering is how Tether, which has a very difficult history of banking, has been able to pay out billions of dollars in USD in a few days (regardless of having it — even if they had it, I assumed it would be very difficult).

Can you share how your USDT was redeemed — was it to USD from a US banking institution (a wire?) or some other mechanism?

Thank you!

[jules-jules]

Their are principally using San Diego-based Silvergate Bank

https://www.silvergate.com/

[phphphphp]

thank you! Very interesting. According to their latest financial reports, their volume of deposits doesn’t marry up with the claims made by Tether. Will be very interesting to see what Silvergate report as inflows/outflows at the end of the next quarter.

[phphphphp]

For future reference, Silvergate CEO has denied any relationship with Tether in a podcast: https://open.spotify.com/episode/02VtOivOHp3spZ2qOxMhdC