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RE: Investigating the Top 50 Cryptocurrencies, Part 34/50: Tether
Another important point- So far Tether has been trading their tokens 1:1 for USD, but their Terms of Service specifically reject any guarantee that they will ever do that:
"3. PURCHASE AND REDEMPTION OF TETHERS: ...
There is no contractual right or other right or legal claim against us to redeem or exchange your Tethers for money. We do not guarantee any right of redemption or exchange of Tethers by us for money. There is no guarantee against losses when you buy, trade, sell, or redeem Tethers."
https://tether.to/legal/
I've seen several blockchain projects with this kind of clause where they deny any actual responsibility to follow through on anything. Its weird. Some kind of regulatory thing. You're right, it doesnt bode well