Tether is being printed because btc is pumping. They have to print tether to maintain the peg at 1$. If the price keeps rising due to demand for tether they need to print and sell tether.
It does not matter if you can redeem your tethers for dollars because they buy tether when the price goes below 1$ to maintain the peg.
Also, please don't post supercilious dismissals of the community. It's tedious and dyspeptic. If you're commenting here, you're as much "HN" as anyone else is. If you know more than other users, that's wonderful—please share some of what you know, so the rest of us can learn.
https://hn.algolia.com/?dateRange=all&page=0&prefix=true&sor...
Tether doesn't claim to "print" anything. Supposedly, Tether is 1:1 backed by actual dollars being paid in to the Tether corporation.
If Tether corporation is "printing" Tethers without having received corresponding deposits, that's the fraud.