There's no real offramp from Tether to USD. And its likely that Tether is all crypto and not much actual USD involved at all, and it looks more like crypto col

There's no real offramp from Tether to USD. And its likely that Tether is all crypto and not much actual USD involved at all, and it looks more like crypto collateralized loans. I doubt that Tether dying kills crypto, but probably the other way around and crypto dying obviously kills Tether[*]. And the "redemptions" are likely loans being paid back (which is just Tether being returned and burned) rather than $USD going out the door. It is very simply not at all believable that the $17B drawdown in the float earlier this year was $17B of USD going out the door -- that interpretation of how Tether operates has to be wrong if you think about it for longer than a few seconds.