And swapping BTC for USDT still a taxable event. Just as if I bartered my Apple stock for some Google stock of yours: for both of us, there's a capital gain or loss, and it's a taxable event. You don't have to go through actual cash money for it to be a taxable event.

https://www.irs.gov/pub/irs-utl/OC-Barteringandtrading-eacht...