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USDT is the worst in this regard since you have to deal in massive volume. The minimum withdrawal is $100k and fee on that is the greater of $1000 or 0.1%.

https://tether.to/en/fees/

That seems like a fair policy to avoid getting DDoSed by withdrawals in periods of high demand (i.e. bank runs). Presumably they mainly intend to serve exchanges which are doing withdrawals in the $millions.

Not defending their other practices.

No. See my comment here https://news.ycombinator.com/item?id=31352602

Yes, https://tether.to/en/transparency

Right that's what they say but how do I or anyone else redeem that?

Otherwise there's no need for physical backing right?