If Alameda & Cumberland paid for the minting of USDT by offering Commercial Paper (e.g. IOU from Alameda) and Alameda isn't actually good for it then they've ju

If Alameda & Cumberland paid for the minting of USDT by offering Commercial Paper (e.g. IOU from Alameda) and Alameda isn't actually good for it then they've just printed USDT backed by essentially nothing. They may be able to extract enough $ to cover it by the time they actually have to show reserves, that's what they did previously.