until they got sued by the new york attorney general they explicitly said on their website that tethers were backed 1:1 by dollars (which was a lie). that doesn’t sound like they are being up front about being monopoly money.
Being back 1:1 is different from being redeemable.
There's two other comments in this thread that were posted before yours, with links outlining Tether's restrictive ToS. You should probably read them instead of doubling down on a weird half-position.
What is my half position? My position is that it's disingenuous to pretend that Tether has always presented itself as "monopoly money". They are knowingly engaging in fraudulent behavior.