The argument about Tether wasn't that they didn't have any assets backing the coins. It was that the assets they had were more risky than the boring <1 mo matur

The argument about Tether wasn't that they didn't have any assets backing the coins. It was that the assets they had were more risky than the boring <1 mo maturity treasuries they should be holding. Just because tether didn't implode , doesn't mean it wasn't a very real possibility. It's not very different from "the market can stay irrational longer than you can stay solvent"