That's not the primary use (by dollar volume, it is also helpful to streamline participation in the entire crypto ecosphere regardless of local regulations).
But Tether's for market making. Arbitrators need a way to transfer USD denominated amounts between exchanges to operate.
On top of market making, you'll have smallish (7-8 figure USD) trading shops running strategies across multiple cryptos that just don't have fiat ramps, or they want to tap into volume across exchanges that don't have fiat ramps. If you're one of these customers, you can get in touch with Tether and make redemptions, but you probably don't need to do that anyway because you're working through a prime broker.
This activity doesn't care if the market's bull or bear, so it continues to grow over time in either trend.
That's not the primary use (by dollar volume, it is also helpful to streamline participation in the entire crypto ecosphere regardless of local regulations).
But Tether's for market making. Arbitrators need a way to transfer USD denominated amounts between exchanges to operate.
On top of market making, you'll have smallish (7-8 figure USD) trading shops running strategies across multiple cryptos that just don't have fiat ramps, or they want to tap into volume across exchanges that don't have fiat ramps. If you're one of these customers, you can get in touch with Tether and make redemptions, but you probably don't need to do that anyway because you're working through a prime broker.
This activity doesn't care if the market's bull or bear, so it continues to grow over time in either trend.