[kikowi]

Tether is definitely shady, but everything you stated is wrong.

You can redeem tether for a dollar anytime on their website [1].

Bitcoin has multiple markets on multiple exchanges. Some markets are between BTC and USD, some are between BTC and USDT, some are between BTC and BUSD (Binance's coin that is pegged to USD etc.). The reported price is a weighted average of these markets. It is never just USDT.

There are 7 exchanges on the first page of CoinMarketCap where you can buy Bitcoin with dollars directly [2]. Look for BTC/USD pair.

[1] https://tether.to/en/

̌[2] https://coinmarketcap.com/currencies/bitcoin/markets/

[pjc50]

You cannot redeem a tether for a dollar. You can allegedly redeem $101,000USDT for $100,000, once you've paid the $150 initial club fee. https://tether.to/en/fees/

[oldgradstudent]

> You can redeem tether for a dollar anytime on their website [1].

You could also withdraw your money from Bernie Madoff up until the day the Ponzi scheme collapsed because the money ran out.

So the question is whether the money could run out, or whether they have 1:1 reserves.