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by londons_explore
1193 days ago
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No - thats what I'm saying. They use a bot to buy/sell USDT to keep the price 1:1... And then they redeem anything purchased by the bot. Effectively, they will redeem only for themselves. Could be a neat way to do no KYC or ownership verification or dealing with messy bank transfers to dodgy people, etc. Hides the location and/or existance of funds from redeemers and those able to trace money movements too. Or could be a way to hide a delicately balanced stack of cards... |
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it still requires capital from their reserves to do what you describe, purchasing USDT for $1 each
the redemption mechanism is an incentive on its own. when Tether is below $1 purchase it yourself (pushing up the price of Tether) and go to the redemption window and get $1 for it regardless.