Lots of downvotes, and a couple of replies from people who don't understand what fractional reserve banking is, and that the institutions lend (and trade, which was then more heavily regulated following the last crash, and is in the process of being deregulated again) on many multiples of what they actually have in deposits.
That said, they never claim to be 1:1. They claim to be operating within the legalities requires for fractional reserve banking.
That said, they never claim to be 1:1. They claim to be operating within the legalities requires for fractional reserve banking.
Tether claims to be 1:1.