PSA: Tether App Removed From App Store - Value of Tether in Question

The Apple App Store removes the Tether app from their listings. The app claimed to be a secure way to send and receive money. This news is in wake of serious troubles with the Bitfinex exchange; freezing USD withdrawals after trouble with their banking institution. Tethers, supposedly backed 1:1 to dollars, have been trading at around 93 cents on many other exchanges.

It is important to consider the terms listed by Tether:

PURCHASE AND REDEMPTION OF TETHERS: The Site is an environment for the purchase and redemption of Tethers. Once you have Tethers, you can trade them, keep them, or use them to pay persons that will accept your Tethers. However, Tethers are not money and are not monetary instruments. They are also not stored value or currency.

There is no contractual right or other right or legal claim against us to redeem or exchange your Tethers for money. We do not guarantee any right of redemption or exchange of Tethers by us for money. There is no guarantee against losses when you buy, trade, sell, or redeem Tethers.

tether.io [emphasis my own]

This is why pegged assets are tricky.

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