> whose commercial paper? Perhaps it's in the form of debt from exchanges. Tether could buy short-term notes from the exchanges paying them in Tether -- maybe

> whose commercial paper? Perhaps it's in the form of debt from exchanges. Tether could buy short-term notes from the exchanges paying them in Tether -- maybe at a slight premium to make sure the exchanges go along. The terms would stipulate that Tether could call the loan at any time allowing them to quickly pull Tether off the market as needed to maintain their peg. How long the dance can go on would depend on the premium they've offered the exchanges and how much free Tether they've minted for themselves. Obviously, this is all pure speculation.