Tether Re-Opens Direct Redemption of Fiat, While Bitfinex Adds Tether-Fiat Trading Pairs

Popular stablecoin Tether has announced 1:1 redemptions of USDT to fiat, while affiliated crypto exchange Bitfinex added two new Tether-fiat trading pairs, according to announcements from both firms Tuesday, Nov. 27.

Tether announced the direct redemption of Tether to fiat along with a major redesign of its platform for the verification of new customers.

All Tether deposits and withdrawals are zero-fee, while fiat transfers are are subject to commissions.

Tether customers will be limited to one U.S. dollar fiat redemption per week.

Tether's minimum issuance and redemption requirements are $100,000 and USDT 100,000, respectively.

Tether fee structure for withdrawals and deposits within a 30 day period.

To, major crypto exchange Bitfinex has introduced direct fiat-to-Tether trading by adding the Tether Dollars and Tether Euros trading pairs.

Tether deposits initiated before 2:30 p.m. on Nov. 27 are credited to users' fiat wallet balances, while Tether deposits carried out after the indicated time will be credited as Tether.

The Tether stablecoin was launched in October 2014 with the aim of providing fast transfers between different exchanges, while benefiting from the stability of the U.S. dollar.

In June this year, Tether general counsel Stuart Hoegner stated that Tether had enough U.S. dollars to back up each token that was listed.