TechFlow news: Tether CTO Paolo Ardoino tweeted that over 325 million USDT were redeemed today, with many customers joining and able to redeem. There has been some FUD (fear, uncertainty, and doubt) regarding the thoroughness of Tether's onboarding process, such as claims that "the process is too difficult," "users are asked too many questions," or "too many documents are required." In reality, due to Tether's bank-grade standards, we require basic information like "source of funds." Tether relies on a strong network of banking partners, and it's crucial to ensure proper KYC/AML compliance before onboarding customers. Without this, all Tether users would be at risk.
Ardoino also stated: "Bitcoin is the only truly decentralized thing. Anything other than Bitcoin—including virtually all other cryptocurrencies—is not truly decentralized. Therefore, users should be reminded that USDT is not Bitcoin, but a centralized stablecoin that uses a decentralized transport layer (i.e., blockchain). When users redeem USDT, they must comply with fiat system rules."
