It's exceedingly unlikely that Tether has anything close to 66B of "real money" backing it. The most likely theory at this point is that most of it is FTX-styl

It's exceedingly unlikely that Tether has anything close to 66B of "real money" backing it. The most likely theory at this point is that most of it is FTX-style IOUs from other crypto companies marked at absurd pre -crypto winter valuations, which will collapse like a house of cards the instant they are touched or even exposed to light.