I think a .7% deviation over 2 years is stable. So far it's doing its job, especially compared to 30% decline for most coins over the past 24-72 hours.
I don't know that fairness has much to do with anything but both statements are true. At one extreme Tether had a .7% deviation over a 20 minute period, and on the other extreme Tether had a .7% deviation over 2 years. Which objective fact is more fair depends on what you're comparing it to.
That said, Tether is now back to trading at $1.00 on all the major exchanges.
Tether does not allow direct redemption, but rumour is they run bots on a few big exchanges to peg the price and perform effectively the same service while not having KYC and customer service costs.
I think more interesting is the discrepancy in pricing between Bitfinex (which sponsors Tether) and all the other fiat-off-ramp exchanges.
If you go to https://coinmarketcap.com/currencies/tether/markets/ and look at USDT-USD pairs only (people spending real dollars in exchange for fake dollars) then you'll see 5 exchanges where the price is no more than $0.994, while somehow at Bitfinex it's still holding $0.9999 (and was at $1.000 all day yesterday).
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[ 2.6 ms ] story [ 39.0 ms ] threadThat said, Tether is now back to trading at $1.00 on all the major exchanges.
Either you're rounding up to 2 decimal places, or that's not what I'm seeing: https://ca.finance.yahoo.com/quote/USDT-USD?p=USDT-USD
Idk about Tether, but you can redeem your USD from USDC through Circle and Coinbase for exactly a dollar, always. No exchange needed.
If you go to https://coinmarketcap.com/currencies/tether/markets/ and look at USDT-USD pairs only (people spending real dollars in exchange for fake dollars) then you'll see 5 exchanges where the price is no more than $0.994, while somehow at Bitfinex it's still holding $0.9999 (and was at $1.000 all day yesterday).