Everyone is ragging on Tether but Exchanges do have to exchange them for money and they are not getting Tether for free from Tether I guess. So the 4% backed T

Everyone is ragging on Tether but Exchanges do have to exchange them for money and they are not getting Tether for free from Tether I guess. So the 4% backed Tether could not really be true if you think about it. Or am I missing something?