There is no evidence that the tether was redeemed for anything. We know from the CFTC settlement, and statements from Celsius CEO Alex Mashinsky, that Tether I

There is no evidence that the tether was redeemed for anything. We know from the CFTC settlement, and statements from Celsius CEO Alex Mashinsky, that Tether Inc has a history of issuing tethers and then accounting the loan itself as the backing for the issuance - literally just printing pseudo-money out of thin air. I would first presume the tether "redemptions" were just cancellations of these loans. No dollars or other consideration left Tether Inc.