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Do you do it in pretty big size? Ever done it on a weekend?
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Replying to
Big size: yes
Weekend: eh there's some ambiguity here, but the wires can't be sent over the weekend even if a creation/redemption is initiated during one
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Tether says weekend wires are not an issue bc their biggest customers use the same bank as they do. I guess you don't use the same bank?
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We do in fact, and so can sometimes do the fiat leg over weekends, but can't get money in/out of that bank over weekends in the first place
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So you don't hold funds in custody at the bank? You have to wire funds into the bank?
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We do for periods, but very large creations are often larger than we'll have lying around there
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Ok thx. That makes sense. But if you are 1 of bigger players, & need to wire funds in for bigger creations, then how do large creations on weekends happen?
And why not just wire directly to Tether acct at Bitfinex? Why wire it to your account & then internally transfer it?
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1) I think very few creations happen on weekends. Sometimes USDT is *minted* on weekends and put into, effectively, Tether's hot wallet in anticipation of creations on Monday, thought.
2) Yeah we could do that too, but same entity wires are generally cleaner for banks.
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Ok thanks...this is very helpful and very much appreciated.
Last question if you don't mind answering.
When you do wire funds to Deltec, are you wiring to their branch in the Bahamas or to one of their correspondent banks in another jurisdiction?
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Replying to
ooooooooooohhh good question
it is, often, a correspondent bank, with jurisdiction depending on the currency
TBH this is probably why there's the discrepancy with the Bahamian bank inflow/outflow numbers now that I think about it
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Ok...so to be clear...when you are wiring USD fiat to Bitfinex...you are not wiring it to the Bahamas...but to a Deltec account in a different jurisdiction. Corrrect?
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