At this point there's no reason to pretend that Tether isn't likely fully backed, they're printing absurd amounts of money without any need for fraud.
This is the most profitable business in the world by many metrics.
This is the most profitable business in the world by many metrics.
Just assuming treasury returns they're making more than 7B USD profit a year with just a couple of employees.
You're also assuming that they make 7bn in profit per year just by keeping this rdiciulously large amount of money in a bank, but their own notation says that only 105bn is held as US treasury bills. The rest of the money is effectively invested, whether in gold or bitcoin or corporate bonds or loans. All subject to going down aswell as up.
Luckily for the cryptocurrency sector, Tether makes it so ridiculously hard to turn Tether into money that their bullshit probably won't be discovered for a long time, so the make believe valuations of bitcoin can stay as they are