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Redeeming Tethers
If you have tether or USDT, you can redeem it directly with tether itself. But I believe you have to set up an account and there's like a minimum of 100,000 worth of tokens or something like that in order to transact directly. So what most people would do is you would go into the secondary market and just sell there. And in the secondary market, the peg is maintained through basically market makers who kind of operate like exchange traded funds.