Looking up the definitions of security, financial asset, debt instrument, bank deposits, and thinking about really what tether is and the statements they make a

Looking up the definitions of security, financial asset, debt instrument, bank deposits, and thinking about really what tether is and the statements they make about 'backing' I come to the conclusion that tether is an unregistered security. The fact that Tether may state they have no obligation to exchange tethers for dollars on demand can be discounted by their own statements about Tether's reserves giving value to the tether tokens and the general perception by the public on what tethers are and represents. A tether token is a financial asset. It represents a loan to Tether in return for the promise of getting a dollar back when a customer wants to withdrawal dollars from Tether. It is like a bank deposit, which is also a financial asset (a liability of the bank), not dollars themselves. Stablecoins allow anyone to trade their 'account or claim' at the Tether Bank by transferring the entire account to someone for dollars or something valuable like bitcoin on the secondary market. Tether doesn't have to satisfy demand deposit withdrawals as much as a bank because you can trade your account to someone else who accepts tether. People only accept it because you can get dollars out in the secondary market. Tether's value comes from ownership claims and confidence in Tether to be the exchanger of last resort and honor claims on dollars for tethers. Tethers are fungible (they are all 1 dollar or represent the same claim) and they can be traded, therefore it is a security. Thinking about claims and trading and what are financial assets is more useful than Howey test. Imo the Howey test is overused to explain securities with crypto context. People just rattle off 1,2, 3, 4, talking points (the questions) without really explaining fundamentals or connecting it. In terms of Howey, Tether the company is taking your investment dollars (loan) and investing it, they are in the business of making profits (they just don't share profits), but they are expected to repay the loan of dollars you gave them, and this repayment depends on the work of others (Tether investing wisely). Tether the company is in a common enterprise with anyone that holds tethers (loans them money).