There are rumours, for example, that quite some of Tether's reserves are in bonds (treasuries etc.) or commercial paper. There is secondary market for bonds and

There are rumours, for example, that quite some of Tether's reserves are in bonds (treasuries etc.) or commercial paper. There is secondary market for bonds and even commercial paper, but it is rather slow (OTC, not on an exchange), and if you need to sell bonds or paper in distress, guess what sort of price you're going to get...