Tokens Tether (USDT) continue to replenish the purse belonging to the exchange Kraken is one of the few places where stablein, has a mixed reputation, can be converted to American dollars. This writes Coindesk.

At the time of publication on the balance of the wallet of the exchange, there are about 47 million USDT that, as seen on page Tether Rich List, allows him to move at the ninth position among wallets with the largest savings in this asset.

For comparison, less than two weeks ago — Oct 7 — Tether-wallet Kraken occupied a much more modest 22-th position, with less than half of its current balance: 21.6 million USDT. The archival version of the rich list allows you to see the wallet balance, oscillating between 10 million and 24 million USDT, in the period from the end of December 2017 at the beginning of October 2018.

In other words, the current balance is markedly different. As noted by some observers of the market, one of the most probable variants of development of events — traders prefer to exchange their dollars for USDT.

Kraken is one of the few exchanges that offer direct trade between USDT and dollars. (The other is Bitfinex, which is closely associated with the Issuer USDT Tether Ltd., and Bittrex). It turns out that such a significant inflow of funds into the USDT can be a sign that the cryptocurrency market is still in doubt for the asset, the exchange rate which this week suffered a substantial decline, falling below $1, despite the fact that a token is considered to be “pegged to the dollar”.

On Thursday, a Twitter user under the name Soleil Du Soir asked: “Why translate USDT on Kraken?”, presenting an impressive schedule of growth in the number of tokens of the purse exchange. Another user replied: “you will receive USD”.

Indeed, the exchange is proposing to only one couple involving Tether — USDT/USD, and traders in Kraken can’t USDT exchange for other cryptocurrencies.

There are other signs that traders are already heading for the Kraken to “unload” their USDT. On 15 October, the day when the exchange rate of the Tether completely “rid” of the dollar, the biggest burden in connection with the sale of an asset came exactly on Kraken, where USDT briefly fell to $0,85. The volume of trade Tether in the day was to exchange the maximum.

Since then, as the Tether appeared in the listing Kraken in March 2017, and to this day the volume of trade USDT never exceeded the level достигнутого15 October, at the same time, its rate has never been lower than this day.

And that white paper?

According to the white paper Tether for 2016, the token holders can get back their dollars, returning USDT directly Tether Ltd. As noted by many users, in practice this will be unlikely.

Jeff Perrin (Jeff Perrin), founder of the FINTECH start-up Spiga, told CoinDesk that he tried to exchange the tokens Tether for dollars through the company’s website in January or February. According to him, he provided all the information required in accordance with the provisions of the system “Know your customer” (KYC), however, has not received a response from the staff of user support. And as of mid-October, the status of his account and is changed to “pending confirmation”.

Oguz Serdar (Serdar Oguz), full-stack developer and CEO of a startup Limk working in the field of marketing, described a similar situation that occurred in December 2017, noting that his account is “stuck in their verification process for months.”

However, some claim that exchange Tether for dollars thus still possible. Van dovey (Dovey Wan), a partner in the investment company Primitive Ventures, recently wrote that two of her friends-traders “successfully traded”, posted the screenshot.

But, as noted by an avid critic Bitfinex and Tether tvitteryanina Auditcarlo, the screenshot showed no Tether via exchange Ltd and trading on the exchange. A request to clarify this point Dowie van has not yet responded.

Because users apparently are unable to convert their USDT into dollars in the manner provided in white paper Tether, their attempts to achieve this goal by moving tokens on the Kraken, seem obvious. Comments on this subject yet nor the stock exchange nor from the issuing company.

However, one of the possible reasons for the sharp increase token balance Tether exchange Kraken has been offered the support of the exchange on the official Twitter page:

“Yes, traders can switch USDT to Kraken, sell them for USD at any rate that the market is willing to pay for them at the time, and then they can use their USD to buy other cryptocurrencies”.

Soleil Du Soir replied to this tweet with a question — “it’s not like that USDT will collapse soon?”

“Not necessarily. Not everyone who translates USDT, sell them immediately and at any price. Some may use them for margin trading. Some may use them for OTC trading. The possibilities are many,” — said the staff of user support.

Recall, despite the fact that the asset ranks eighth in terms of market capitalization, Tether for a long time is a subject that causes some concern in the community: a doubt that the tokens really are fully secured by deposits in us dollars, and someone like Ethereum co-founder Joseph Lubin (Lubin Joseph), on the contrary, the validity of these charges. The company’s reputation and undermines the fact that it does not conduct regular audits, as promised in the white paper.

While the questions to the Tether over its banking ties still remain, the company has recently signed a contract with a new financial institution.