Tether (USDT) sells all reserve commercial paper at zero loss

This is pretty impressive if it's true. Of course we don't know if it's true or even if it is true, whether or not all the wind-downs were above board.

At this point it feels as though Tether is essentially "unauditable", even if they somehow managed to have actual 1:1 cash reserves there'd still be a huge question mark as to how they got to that point (and whether or not it can be sustained).

For the record, I am not suggesting that USDT should be 1:1 cash backed. There's plenty of good reasons to use other instruments, like government bonds and the like.