According to the latest news shared by the officials with its latest improvements, Tether reopens account verification and direct redemption of fiat from its platform with the ability to acquire coming soon. As Tether’s team said: “Today marks an important step in Tether’s journey”.
Despite the fact that Tether is the first stablecoin ever created and it was impossible to predict adoption levels and impact on the market over time, the asset grew at an unpredicted rate, quickly making the initial model (enabling direct redemption of Tether to fiat through its native platform) unsustainable.
It was the reason why the team has taken the stress off growing pains by flexing the existing model to harness the established infrastructure and security of Bitfinex, which was built to withstand a much larger volume of customers. Those wishing to redeem could do so 1:1 via Bitfinex with whom Tether had a business to business relationship.
Tether Returns to Its Original Vision
The official announcement indicates that thanks to stronger banking as a result of a new relationship with Deltec, Tether is able to return to its original vision of having a wallet for creating and redeeming directly on its own platform without having to rely on a third party. This update allows the immediate withdrawal of Tether to fiat (1:1), with the ability to acquire coming soon.
New Account Requirements and Fee Structure
From 27th November 2018, all accounts will have new minimal issuance and redemption requirements equal to 100,000 USD and $100,000 USD₮, respectively.
The new cumulative fee structure for withdrawals and deposits within a 30 day period is displayed below:
|Transaction Value Range||Fee per fiat Withdrawal*||Fee per fiat Deposit||Fee per Tether Deposit or Withdrawal|
|100,000 USD to 999,999 USD||The greater of $1,000 or 0.4%||0.1%||FREE|
|1,000,000 USD to 10,000,000 USD||1%||0.1%||FREE|
|10,000,000 USD and over||3%||0.1%||FREE|
* Tether customers are limited to one USD fiat redemption per week.
This update is set to offer greater flexibility and utility to Tether’s customers, and a return to its original mission for the stablecoin.
Currently, Tether’s market cap is $2,062,478,733, dominance 1.65%. It is also a -24.2% down since the all-time high of $1.32 USD.