The difference is index funds actually hold the underlying basket of assets for the index they track. Does Tether actually hold one real United States Dollar f

The difference is index funds actually hold the underlying basket of assets for the index they track. Does Tether actually hold one real United States Dollar for every USDT they issue? If so, they sure haven't convincingly demonstrated it by continually lying about being regularly audited (they have never published a real audit) and refusing to allow anyone to redeem their USDT with Tether to get back a USD.