You're correct. To expand a bit, in general, when demand for crypto trading is going up, Tether should be worth about 10bps more than a dollar (because this is

You're correct. To expand a bit, in general, when demand for crypto trading is going up, Tether should be worth about 10bps more than a dollar (because this is what Tether will charge you to create new Tethers, and the supply is mostly expanding), and when demand for crypto trading is going down, Tether should be worth about 10bps less than a dollar (because this is what Tether will give you for your Tethers, and the supply is mostly contracting).