of course tethers are backed by funds.
Krzysztof Majdak
171

No, you cannot “redeem” tethers for crypto; you can only sell them for crypto to another investor (read: bag holder), who will then be on the hook to dump them to another sucker.

To “redeem” them would be to give them back to the issuer, i.e., the Tether company. But that is apparently not possible.

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