I wasn't claiming that USDT was fully backed by US dollars. I was disputing the claim that their reserves are certainly exposed to BTC/ETH. I just don't see why

I wasn't claiming that USDT was fully backed by US dollars. I was disputing the claim that their reserves are certainly exposed to BTC/ETH. I just don't see why that would be the case. Even if they were running a proper scam with basically no USD reserves, it does not follow that they are exposed to BTC/ETH.