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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Replying to
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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The vast majority of market makers, OTC desks and exchanges have bank accounts at Deltec. Always find it amazing when Tether truthers just refuse to believe it or think it’s lies etc. Peak delusion
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Hey Larry. Thank you for the info. But do you have any source?
Why I'm asking: I'm working for a large institution which is present in OTC derivatives, MM etc. and we do not, and none of my friends working for other institutions do, have an account at Deltec
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if USDT is redeemed where are the burn hashes like other stablecoins do, also missing an audit where you can flex that you have the funds and not seashells as collateral.
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Made several tweets about that phenomenon... Can't explain it either why the market cap, in contrast to many other stablecoins, keeps just growing and growing for usdt
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USDC - Inception was late does an audit,proves they have funds.
USDT - Holds funds in a deltec bank account cant perform an audit because ?
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Exactly. Furthermore, you pay a premium for usdt over usd. Why would I do that while knowing that usdt is not fully backed and that there are riskless and safe alternatives?
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There's a huge east/west divide here
in the US most people are like "LoL just buy USDC bro"
in China, most people are like "dude we've used USDT, we trust it, and it has huge secondary market (exchange) liquidity so we can get in/out without wires"
Thank you for replying Sam. Are there any sources or is this a hypothetical explanation?
Because by looking at usdt inflows there're on the one hand no real Asian currency inflows and on the other hand the major buying exchanges are no Asian ones. So I can't follow this argument
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So this isn't general inflows into Asian FX; if anything it's the opposite: flight _to_ crypto, and to some extent USDT.
Most of USDT is held on the 3 biggest Asian exchanges: Binance, Huobi, and OKEx.
and almost all of their spot volume is USDT.
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