Is it? Commercial paper is short term (<9mo), and tether is a long term project. So, unless the composition of tether's backing has changed substantially in the

Is it? Commercial paper is short term (<9mo), and tether is a long term project. So, unless the composition of tether's backing has changed substantially in the last few years (and I remember them stating years ago that it was mostly these "cash equivalents"), then I'm not really worried because it sounds like their borrowers* have been paying them back.