If you buy 100 tether for 100$ and I “sell my bitcoin for tether” by trading to you, then no new tether is created. Tether should only be issued when people buy

If you buy 100 tether for 100$ and I “sell my bitcoin for tether” by trading to you, then no new tether is created. Tether should only be issued when people buy them using new $. Their claim currently is that they have $2bil in an account backing the tether. Yet they can’t get a bank collaboration and can’t manage to get an audit. It smells fishy.