The question is about redemptions with Tether Inc, not trading USDT for USD to other traders. Tether should be redeemable for dollars by redemption at Tether Inc, but of course it's not, since they only have 3% of the dollars required to fulfill those redemptions.
Depends, if they see fit to deem you an "authorized participant" (at their sole discretion). Further, they have to decide to actually honor your redemption (they do not need to) and not to delay it an arbitrary amount of time (as is their right). [edit] Also, importantly, US persons are not permitted to redeem USDT. This is all in their terms of service.
And of course, you have to not exceed their liquidity buffer because they themselves admit to only being 3% backed.
Thus far, I don't believe anyone has actually shown any proof that they have actually carried out a redemption of USDT tokens via Tether. Most people who claim to simply traded it.
