Yes, those transactions would be off chain. If Tether accepted other assets then those would be what should show up on their balance sheets or attestations. I t

Yes, those transactions would be off chain. If Tether accepted other assets then those would be what should show up on their balance sheets or attestations. I think they actually did collateralized lending against crypto assets. But still, they should be sitting on pretty large piles of something, and that's what's so weird, anyone who's looked seriously has found pretty much nothing except for a bit of cash in some island banks.