Even in ANY jurisdiction you’d presumably need a contractual agreement with the issuer. IIRC only certain entities may redeem tether/USDC for cash. You at a minimum need an account! Not like I can just send those companies my tokens and get straight cash.

The whole thing is just asinine. The killer use case for crypto is dodging laws & regulation. Not even judging because that’s REAL utility!

The vast majority of USDC(T) to cash transactions don’t happen through the redemption mechanism. The redemption mechanism is there for the purposes of holding the peg.