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USDT it is supposed to be backed by bank reserves. However, the company that issue USDT does not allow converting USDT to USD.

For other cryptocurrencies pegged to USD check my article: https://steemit.com/money/@ropaga/cryptocurrencies-pegged-to-usd-and-other-fiat

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STEEM 0.20
TRX 0.25
JST 0.039
BTC 97402.80
ETH 3477.48
USDT 1.00
SBD 3.19