Check reports and reserves. They aren't 100% backed by USD or USD equivalent.
yeah I used to read @bitfinexed a lot because it seemed a legitimate concern ... did you know about this though ?: https://www.fxleaders.com/news/2022/10/18/tether-usdt-holdings-now-entirely-in-us-treasury-bills/
Discussion
yeah so 70% of their 82% cash reserves are in treasuries which amounts to about $39 billion (so this is the minimum we can confirm possession of , right?) = $2-2.5 billion a year in interest if my math is right ...
just saying it sounds a lot better than it did in 2017-2020... no ?