Oh, and Tether is holding assets that wouldn’t meet those requirements?
Sorry, wasn’t sure if you meant that as a difference.
No, Tether is not. The equity and capital buffer requirements are somewhat more complicated to explain simply, but the end result is that a bank needs at least ~8% of cash outright to meet those requirements.
Tether has less than 1/10th the amount of cash it would be required to have were it a bank.