Ah yes, "I've personally not seen any _credible_ evidence of anyone withdrawing funds from Wells Fargo, so that means it's never happened". How do you think exchanges are able to function if they can't redeem USDT for USD?
Pretty easily, if they match a buyer/sellers. That’s literally what exchanges do.
Redemption is when Tether the entity is the buyer - aka someone takes USDT and goes to Tether the entity and gets dollars for it, 1-1. That’s what seems to never happen, except perhaps for specific Tether insiders. Though the ones I’ve seen claiming they’ve done so (SBF being the prominent one), are far from credible sources now.
If some random person wants to give me $1 for my nominal $1 of USDT, that’s cool - and that happens on exchanges regularly right now.
That depends on market perception, etc. though and has only the potential connection to perceived ability to redeem. Which has been kept sustained, as you can see by this thread.
By comparison, Verifying someone can deposit and withdraw cash from Wells Fargo is pretty easy. Just stand in any of their branches for an hour or two, and you’ll have tons of evidence. Something no one has of Tether still, after all this time.
When there's bear market in crypto dollars flow away from the whole ecosystem. The fact that tether keeps price in such condition means that they must be buying back tether. There's no other mechanism that could prop up its price in such conditions.
