They can't make that guarantee for <insert random exchange order book>. The reason it stays "mostly" at $1 on exchanges is because arbitragers are incentivized to do so.
But again, 1USDT is ALWAYS 1USD on tether.io.
So yes, the statement you quoted is accurate.
Until you can't redeem and 1USDT is 0USD on tether.io. The price on a 'random orderbook' is reflecting this risk.
Exactly, until you can't as I outlined.
The price on a randombook is a function of many things, including "percieved" risk. Its also a function of liquidity/depth and the willingness to exit fast, ignoring the 1-3% fee.
Everyone and their grandfather knows tether doesn't have 1:1 asset reserves for their $80B market cap. But noone knows how much they do have and how long they can keep up the charade.
* But only if you're exchanging at least $1'000'000(and you can't exchange at all below $100'000)
* But only after you've paid $150 verification fee.(all per https://tether.to/en/fees/)
* And of course "Tether reserves the right to delay the redemption or withdrawal of Tether Tokens if such delay is necessitated by the illiquidity or unavailability or loss of any Reserves held by Tether to back the Tether Tokens" (https://tether.to/en/legal/)