[vzcx]

Tether has the veneer of bank equity from the balance sheet "attestations" it publishes, but I think a better analogy would be that tether issues casino chips for the decentralized casino that encompasses the tether-based offshore exchanges and defi universe.

There isn't any real visibility into the balance sheet, but I'd guess most of the "collateral" boils down to margin loans issued at the exchanges, and since the house has the edge on those platforms, their ship stays afloat.