I think i figured out how Tether works :-)

Entity converts USD to USDT

1. Entity sends USD to Tether

2. Tether buys Bitcoin

3. Thether then issues USDT

Entity converts USDT to USD

1. Entity sends USDT to Tether

2. Tether sells Bitcoin

3. Tether destroys the USDT in circulation

(0 bonds, 0 treasury's, 0 assets .... pure simple unconfiscatable math)

The revenue is generated from the spread (time between sell and buy)

Just an assumption from my side and probably the reason why the US gov cant do shitt about Tether. It also coincides with when the Marketcap of Tether increases , Bitcoins Marketcap increases too (in parallel to everyone else buying)