Tether Platform Restarts Fiat Redemption; Bitfinex, Ethfinex Add Tether-Fiat Trading Pairs

After almost a year of inactivity, Tether’s stablecoin platform seems to have regained life. The platform is now ready to reopen for fiat deposits and 1:1 redemption of USDT to fiat. Tether has also done a major makeover of its platform for the account verification of new investors.

In an announcement, tether declared the news as an “important step in Tether’s journey.” The platform also applauded the partnership with Deltec which has provided Tether with innovative banking solutions “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.”

The official announcement outlines the revised fee structure as well as the requirements for creating a new account in the Tether platform. The fees for withdrawals and deposits within a 30 day period is as follows:

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 now limited to one USD fiat redemption per week. From November 27, 2018, all accounts will have new minimal issuance and redemption requirements equal to 100,000 USD and $100,000 USD₮, respectively. Tether’s service will, however, be off-limits to retail investors.

Regarding the update, the Tether team asserted, “We are proud to offer greater flexibility and utility to Tether’s customers and a return to our original mission for the stablecoin.”

Coinciding with the recent update of the Tether platform is the news the Bitfinex users will be able to trade Tether-fiat directly on its platform through the addition of USDT/USD and EURT/EUR Tether trading pairs. The introduction of the new trading pairs replaces the previous 1:1 conversion on deposits and withdrawals provided by Bitfinex, and thereby, reveals the increasing choice and demands of customers in the stablecoin market.

Commenting on the development, Bitfinex said that the move would continue its “heritage of providing a neutral, coin-agnostic platform.”

Meanwhile, Ethfinex also announced the introduction of tether-fiat trading pairs USDT-USD and EURT-EUR on its platform.

Ankita Baruah

Ankita has recently joined the CryptoNewsZ team. She has a master's degree in English Language and Literature and 10+ years of experience in dealing with different types of content for print as well as digital media. Writing is her passion. Precision and originality is what she believes in and makes sure she abides by them in her write ups. When Ankita is off work, you will find her engrossed in books or enhancing her culinary skills!! You can also mail her at [email protected] to discuss anything related to her reports.

Related Articles

Back to top button