I believe it's an open secret that tether is not backed by $ 1 to 1. If I remember correctly, they admitted that somewhere around 80% was backed by cash and the rest in collateral. Not sure how much you can trust what they say anyways.
In the meantime, avoid tether at all cost, alternatives like USDC and DAI are much better and trustworthy.
In the meantime, avoid tether at all cost, alternatives like USDC and DAI are much better and trustworthy.