On: Regulators should treat stablecoins like banks

[jellicle]

Can anyone "take out" dollars at all? Tether is a bank with a deposit window but no withdrawal window.

If Tether ceased operations tomorrow, just abandoned USDT and walked away with all the cash, what happens?

[passwordreset → jellicle]

https://tether.to/fees/ claims that fiat withdrawal is possible, with a fee of "The greater of $1,000 or 0.1%".

[simmerup → passwordreset]

Wow, minimum of 100k before they'll convert into real money. That's one way to stop a bankrun.