> held less than $1 in assets for every $1 in circulation...there's a name for what that is... A bank. I think you are mixing up fractional reserve and assets.

> held less than $1 in assets for every $1 in circulation...there's a name for what that is... A bank. I think you are mixing up fractional reserve and assets. Banks have more assets on their books than liabilities, or they are failed/insolvent. Even if tether wants to be a bank (in which case, they should be clear about it) it's not clear that they have the assets in any real sense.