So in case this is true, and this is how it works. Then is also means every USDT is a 1 USD short position on Bitcoin. So no matter what direction Bitcoin takes , it would mean Tether is always liquid as there will always be a buyer for Bitcoin even if it means a possible drop to 1$. The problem comes when everyone wants to exit at the same time, so conversion from USDT -> USD has to be limited which it is, as there is no pressure to immediately sell as 1 USDT stays 1USD but the fiat ramps cant handle it.