They do not maintain that million dollars as dollars. They instead buy all sorts of stuff. Only a small portion is maintained as dollars. If there is a run on

They do not maintain that million dollars as dollars. They instead buy all sorts of stuff. Only a small portion is maintained as dollars. If there is a run on Tether tomorrow it will collapse. You won’t get your money. Assets will need to be liquidated, and some of them might be junk.