Upbit exchange promises to repay USDT tokens, even if Tether has problems

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South Korea’s largest stock exchange, Upbit, said it was ready to commit itself to repay USDT tokens for its customers if the original issuer waived these obligations. This is written by the Korean portal Etoday.

“We know that there are some concerns with Tether,” the company spokesman said. “We are ready to provide a cash equivalent to customers holding USDT on our platform, even if there are any problems.”

According to the exchange, she took this step so that it clients could feel more confident.

The USDT tokens cause fear of the cryptocurrency community for a long time. Some suggest that, contrary to its obligations, Tether maintains a partial reserve and does not provide all 2.2 billion USDT with US dollars. The interest of American regulators in Tether was another reason for concern.

Previously, Charlie Lee suggested that, in case of discrepancies, the USDT rate could collapse to zero.

The Upbit Exchange, which opened in October 2017, quickly came in first place in terms of trading volume in South Korea and at the time of publication it ranks third among all stock exchanges after the OKEx and Binance, the latter of which is still on maintenance.

What amount of tokens USDT is owned by the Upbit exchange is unknown. It is not listed as one of the largest USDT holders on the Tether website. At the same time, the main trade on Upbit is conducted in pairs against the Korean won, while for pairs with USDT it is about 1.5% in the total volume of trades.

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