Tether absolutely had the chance to become solvent in the weekend of the SVB collapse. In that time, everyone was rushing out of USDC and DAI into Tether (USDT)

Tether absolutely had the chance to become solvent in the weekend of the SVB collapse. In that time, everyone was rushing out of USDC and DAI into Tether (USDT). Liquidity pools were drained of all their USDT and smartcontracts showed all available units being borrowed at 100+% APR. Tether was trading for $1.01-$1.10 that entire weekend, with demand insatiable. They could have repeatedly issued new Tethers and sold them for more than a dollar[1], while only incurring a dollar of liabilities. Coinmarket cap shows the USDT market cap going up by about $2 billion during that weekend, but it's not clear if they were using this strategy. (which would have profited ~1-10% of that figure). [1] or, depending on how much risk they wanted to take, traded them for USDC and DAI! Those were trading for as little as $0.90.