Tether is "USD-ramp-as-a-service". In the crypto world, there are many anonymously operated exchanges, with no fiat-money banking relationships. Those exchanges tend to offer features that a lot of traders want, like providing a market for any arbitrary token (regulated exchanges tend to be slower with token listings, due to always pondering if something is a security). And yes, if your money is tainted (whether it's because you're trying to move capital out of China, or maybe you're the founder of something USG doesn't like such as Sci-Hub), then you NEED to use a non-KYC, non-AML exchange.
Non-KYC, non-AML exchanges have tended to be shady. There are so many losses over the years. Tether, on the other hand, has maintained its $1 = 1 USDT peg since its inception, except for very brief periods of time. It does what it says, and it's probably the biggest, most liquid, and most stable way to keep dollars outside of the traditional regulated financial system.
Here's the realities about Tether:
• No one has ever been scammed by Bitfinex or Ether. There is no monetary loss, ever.
• When Bitfinex got hacked a few years ago, they worked out a repayment program, and fully repaid all creditors.
• While Tether made misrepresentations after a banking fiasco, they have fully settled their case with NYAG. The USG doesn't tend to settle (in crypto cases) unless they are satisfied.
Non-KYC, non-AML exchanges have tended to be shady. There are so many losses over the years. Tether, on the other hand, has maintained its $1 = 1 USDT peg since its inception, except for very brief periods of time. It does what it says, and it's probably the biggest, most liquid, and most stable way to keep dollars outside of the traditional regulated financial system.
Here's the realities about Tether:
• No one has ever been scammed by Bitfinex or Ether. There is no monetary loss, ever.
• When Bitfinex got hacked a few years ago, they worked out a repayment program, and fully repaid all creditors.
• While Tether made misrepresentations after a banking fiasco, they have fully settled their case with NYAG. The USG doesn't tend to settle (in crypto cases) unless they are satisfied.