Untethered

I've been reading for years now articles saying that Tether isn't properly backed like they claim.

If that's both true and widely known, who's buying the Tether? The supply's increased from $4 billion-ish to $60 billion-ish over a year.

For that matter, even if the NY AG's claim that Tether was lying is bunk, and Tether is solvent, who wants to bet so big on the US dollar given the Fed's money printing and Congressional spending? It should be pretty clear the dollar's headed for weakness if not an outright crash, and you should put your money into limited-supply crypto like BTC/ETH, gold, or equity in productive businesses. (Disclaimer: This is not investment advice. Even it was, taking investment advice from some random person in an HN comment thread would still probably be a bad idea.)

Who's buying all those Tethers? What motive do they have to buy them, if there's all this buzz talking about how Tether's a scam? Even if Tether isn't a scam, how do you within the space of a year find $50 billion in the hands of people financially literate enough to know what crypto is and how to use something other than BTC / ETH, but financially illiterate enough to put tens of billions into a long USD bet? Isn't that a good way to lose your shirt simply due to macro-economic fundamentals?

I don't get it.