"You will be able to exchange Bay directly to US$ in the client and on exchanges"
So that will be done through wire transfer, etc. Exactly who is the intended audience for this coin?
When you say exchange USD for BAY at exchanges, do you mean like I can exchange BTC for BAY today or something else?
Any method you can use to send cash is supported. The audience is everyone who wants to buy crypto especially countries without access to coinbase
and especially people who do not trust centralized companies. These Halo contracts cant be broken so the risk with coinbase is that they take your wire
or take your bitcoins. Remember mt gox? They took .5 billion dollars. If they used double deposit with their wire transfers that would not have happened.
You can exchange BTC for BAY using microtrading. I'm finishing up coding Blackcoins NightTrader exchange which goes into BlackHalo and other Halo clients.
This exchange uses smart contracts to exchange between any two coins without an exchange.
In theory you can already do that in Bay but NightTrader is meant to make it user friendly.