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You mean Kraken? There are many OTC lending markets that allow for tether shorting.

Seems like counterparty risk would make this a bad trade; if Tether collapses, the whole system is likely to follow.

I don't think many people assume it to be this binary: if Tether doesn't have have dollars behind every USDT. Buying USDT below $1 is simply buying debt. If you believe they will at some point in the future be able to give you a dollar for every tether, buying under $1 is very smart.

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