1) Tether is not the Fed. 2) Tether claimed in the beginning that they had $1 USD in the bank for every 1 Tether issued. 3) Given (2), printing Tether out of

1) Tether is not the Fed. 2) Tether claimed in the beginning that they had $1 USD in the bank for every 1 Tether issued. 3) Given (2), printing Tether out of thin air that isn't backed by USD deposits is fraud.