Yep, AFAIK Tether is used by several exchanges that have problems getting direct banking relationships, as a on-ramp for funds. Tether originally promised that

Yep, AFAIK Tether is used by several exchanges that have problems getting direct banking relationships, as a on-ramp for funds. Tether originally promised that they were 1-2-1 backed with actual currency reserves, but had to abandon that statement when it became apparent they'd lost a load of money to Crypto Capital. Tether still claim to be 1-2-1 backed with "investments" but there has never been a completed 3rd party audit of that claim, so it literally has to be taken on trust.