What bank is USDT?｜is currently the only regulated bank in the world that allows sending and receiving USDT. When Xapo Bank members send or receive USDT, it is instantly converted to US Dollars. The converted USD then automatically starts to earn 4.6% annual interest that's paid daily.Xapo Bank

Could you please clarify for me? Is USDT actually a bank? I've heard that there's a bank named Xapo Bank, which claims to be the only regulated bank globally that facilitates the sending and receiving of USDT. When customers of Xapo Bank engage in transactions involving USDT, does it instantaneously transform into US Dollars? And after the conversion, does the converted amount automatically start accruing an annual interest of 4.6%, paid out daily? Could you elaborate on the operations and services provided by Xapo Bank in relation to USDT?