Are you being intentionally obtuse? Let me make it clear for you once and for all: 1. Tether claims they have collateral. 2. As long as the market thinks this

Are you being intentionally obtuse? Let me make it clear for you once and for all: 1. Tether claims they have collateral. 2. As long as the market thinks this is true it will be pegged to $1. 3. If the market stop believing they have collateral it will depeg from $1. 4. You don't need to have collateral to peg it. You just need to make the market think you have it. 6. Likewise it can depeg even if you actually have collateral if the market thinks you're lying.