I don't understand why Tether would be doing all that. They could have a very simple business model: 1. Accept USD and issue USDT in return, 2. Buy US Treasur

I don't understand why Tether would be doing all that. They could have a very simple business model: 1. Accept USD and issue USDT in return, 2. Buy US Treasury bonds, which yield 1.5-2.5% for 3 month to 5 year bonds, 3. If people cash out their USDT later, Tether gets to keep the interest profit. There is essentially zero risk: as they are buying USD bonds, they always keep their principal, and no exposure to currency fluctuations. And in the extremely unlikely case that the US Treasury would refuse to honor its debt, the world economy would be in such a crisis that nobody would even notice a small crypto exchange going under. Do you think that Tether got greedy, invested its USD reserves in more risky assets (crypto or real world), lost money, and is now trying to cover up the shortfall?