The good thing about Tether is that you can look at Tether, then look at the Federal Reserve's behavior.
Tether throws into sharp relief the excess of the Fed.
Tether throws into sharp relief the excess of the Fed.
Tether is a private company, controlling $67B in assets, with less than 10 FT employees, a CEO who hasn't been seen in public for years, with no transparency into their backing, has been caught lying multiple times in court, and has been involved in multiple civil and criminal investigations.
There's no comparison.
But wait, what about the Navy, the Air Force, and the entire US economy?
It prints money so the US government can use it (you can argue to what degree that is waste).
But the Fed's balance sheet is solid and highly liquid.