Paolo ArdoinoVerified account

There are also crypto only exchanges, which don't have wire transfers, and only take tether. @Tether_to is both a stable coin and a wire in/out service for crypto only exchanges.

I'm having a hard time understanding why someone who wants to buy BTC would use such a combination rather than an exchange which does take wires. Again, possible in some cases but seems extra friction and not attractive.

I don't by any means know all crypto investors, but I know some and not one has ever said to me that their process to buy BTC *with outside funds* involves Tether.

Some have claimed this to be common in China though. Maybe that's enough.

yeah it's pretty regional--in US and Japan there's pretty good support for fiat exchanges, but outside of them it's way harder.

I wouldn’t say it’s just US and Japan. I’d definitely add South Korea and the EU. But you are righ that everything else is not as developed

Now the question is whether, once we largely exclude US, Japan, SK, EU and probably others, Tether being a gateway to buying BTC with outside funds is a compelling enough story to explain the observations. To me it is not clear, perhaps possible, but certainly not obvious.

I am on your side. It’s mainly for China and Russia (and perhaps sanctioned countries) and people that seek lenient KYC