I think the subtext of this particular response to your question is also that Tether is a buck wild part of the cryptoasset ecosystem, being the people in whom the most trust has been placed, even though they have been repeatedly demonstrated to be lying and have obvious and severe conflicts of interest, and it's just a crazy rabbit hole and systemic risk that ought to be discrediting to the ecosystem as a whole. But time and again cryptoasset folks will roll their eyes and say, "This again?"
I'm frankly not interested in taking the time to cite any of this, but if you throw Tether into the HN search, there are many, many credible takedowns of Tether.
* At least, this is how I interpret "store of liquidity," liquidity isn't something you store? It's the property of a marketplace to execute trades readily and at a low cost? So this may be some jargon from the cryptoasset community with some alternative meaning.