There's exceedingly strong evidence Tethers are not backed by USD - the Tether website claims "frequent professional audits", but they never completed their first one, were fired by their auditor, and cited a document explicitly stating it was "not intended to be, and should not be, used or relied upon" as proof of their reserves.
It's a demonstrably fraudulent claim right there on their home page.
It's a demonstrably fraudulent claim right there on their home page.