Tether is more like a fractional reserve bank at this point, so they should at least have $1 in reasonably liquid assets for every Tether issued. Which, in all honesty, is a more efficient way to recycle savings into the supply of capital—it would be tremendously wasteful to just park $60+ billion in a risk-free bank account. Of course, the problem is that they’ve repeatedly lied about the state of their balance sheet and misled the rubes into believing this silly fantasy about bank accounts full of idle cash.
