Tether has communicated to Cake DeFi that since the latter is controlled by “another corporation that resides in Singapore,” it is precluded from redeeming USDT. 

Cake DeFi CEO Reveals Tether Communication

Julian Hosp, CEO of Cake DeFi, shared an email he received from Tether outlining the modifications to its terms. The key takeaway from these changes is that Tether will no longer facilitate the conversion of its stablecoin, USDT, into U.S. dollars. 

The heart of Tether's altered terms lies in the limitations imposed on specific customer categories. The company has just recently opened up its USDT loans after halting them for a year.

Notably, these terms now prohibit companies influenced by another corporation, as well as directors and stakeholders in Singapore, from …