[l-lousy]

That day will be when they finally release an audit

[baq]

This will never happen, it’ll have to be when redemptions stop working.

[tsimionescu]

Is there any proof that anyone has ever successfully redeemed USDT from Tether?

[incrudible]

They may well be 100% collateralized in bad collateral. Same for USDC really, except the collateral is not as bad.

[LawTalkingGuy]

100% of $0. Tether is entirely a scam by intentional criminals and not a single dollar is in a vault.

They say they're 1:1 backed but have committed obvious financial fraud around this. There's no benefit to them to be even 95% backed, it's 100% or jail, so why would they bother?

This is how they maintain the peg perfectly - it's all fake. They "redeem" their friend's Tether with their personal funds but they won't even try if there's a run.