In Argentina we have a very strange situation:
  1. There is an official dollar (but nobody can access that rate, only 200usd per month).
  2. If you want more there is a parallel dollar for Argentinean Pesos.
  3. If you want USDT, you have the dollar crypto for Argentinean Pesos in the Parallel rate.
The strange situation is that you can buy 1 USDT for 270 Pesos, while 1 USD Fiat is 300 pesos. I don't understand why is this.
I can buy many USDT for 270 pesos, sell them in other place for USD Fiat, come back to Arg and sell de FIAT for 300. The gap is still big.
The only issue is to find a place to sell USDT for FIAT in cash in USA, Brazil or Europe.
By the way. BTC is measured in USDT per Dollar Crypto as well. Everything has a distortion.
I think you nicely highlighted the reasons why there is a spread... it's exactly because it's hard to find a place to sell USDT and that it take extra work. If a lot of people take advantage of this inefficiency, then it will slowly disappear, that's how markets equilibrate.
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