>What’s more, the supposed USD inputs (e.g., 401,431,056 USD in the top left transaction) are giving perfectly round Tether outputs (e.g., 400,000,000 USDT in t

>What’s more, the supposed USD inputs (e.g., 401,431,056 USD in the top left transaction) are giving perfectly round Tether outputs (e.g., 400,000,000 USDT in the same transaction) in every block — regardless of the prevailing exchange rate or anything else. You're misunderstanding. There's no USD input. They're simply looking at the exchange value of USDT and converting it into dollars. Their data source says that USDC = $1 USD, so USDC minting is in round numbers.