It’s certainly possible. I think it’s more likely there never was any cash and they printed Tether from thin air. They surely got something for that Tether, an

It’s certainly possible. I think it’s more likely there never was any cash and they printed Tether from thin air. They surely got something for that Tether, and despite their denials I expect they have commercial paper form crypto exchanges if they have any at all. But they may simply be lying about even having commercial paper at all.