> So those would have been the parties who paid $ to Tether. But not necessarily in fiat USD. They could've paid in any instrument, as long as Tether accepted

> So those would have been the parties who paid $ to Tether. But not necessarily in fiat USD. They could've paid in any instrument, as long as Tether accepted it. That side of the transaction is, by definition, not recorded on any chain. Or am I misunderstanding the situation?