Right but I think the obvious point is that if you Google Tether you get "Every tether is always 100% backed by our reserves, which include traditional currenc

Right but I think the obvious point is that if you Google Tether you get "Every tether is always 100% backed by our reserves, which include traditional currency and cash equivalents and, from time to time, may include other assets ..." The entire selling point is that they aren't a fractional reserve bank.