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Who can redeem
A stablecoin's promise to pay a dollar is often a promise to a list of firms. Everyone else uses the market.
The promise can be real and still not be aimed at you.
A worked case
A person holds a dollar token and asks the issuer for dollars. The issuer redeems for listed firms, above a minimum. The person sells into a market instead. The market is busy until it is not. The homepage still said dollar.
The window
The issuer may redeem only for customers who pass their checks, above a minimum, on their hours. The homepage still says dollar.
The market
If you cannot redeem, you sell to someone who can, or to someone who hopes to. That sale is a price. The price can leave the promise.
The door is a list
Tether and other fiat-backed tokens have, at times, limited direct redemption to verified customers and to amounts that are not small. Everyone else who wants dollars sells the token to a buyer. The buyer might be a firm that can redeem. The buyer might be a person hoping the price holds.
If your name is not on the redemption list, your exit is the market. Markets are where pegs are tested.
Read it yourself
These links are the record. They are not a recommendation, and they are not instructions. A news story or a court paper can still be wrong about a detail. The check does not change because a famous name is in the story.
Apply the check
Open a question. The line is about this topic. It is not a verdict that anything is safe.
The issuer, from the assets, if they keep the yield. The market, from the spread.
The issuer, for who is on the list.
The list. The market, if you are not on it.
Check yourself
Write it in your own words. The course's answer opens after that. Nothing is sent.
After this you can find out whether you, personally, can redeem.