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> the entire cryptocurrency economy relies on tethers being valued at par, given that they're how billions of dollars of liquidity are denominated.

this doesn't make any sense unless tether is a required intermediate step to liquidating cryptocurrency, which it's not.

That’s one of the problems. Liquidating “crypto to fiat” is not that easy.

Depends on the amount. If you suddenly have 1 billion $ worth of BTC to liquidate, then yes. It might not be so easy, but this is the same with any asset, stocks, bonds or commodities. If you want to liquidate less, why not use established exchanges? Last time I checked their limits were quite high.

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