Yes they did. They claimed every Tether was 1:1 backed by US Dollars.
Not assets with equivalent dollar value but full on actual dollars.
They kept doing so until they lie was fully exposed. Then they changed their story.
But other than that, yeah.
Nowhere does it say every tether is backed by a $1 reserve.
You're falling for their slick scam words.
(Around 2017 I did a lot of research into tether, even reading their entire legal terms)
https://duckduckgo.com/?q=tether+fully+backed&t=fpas&df=2015...
Nobody believes them, especially since the company lied repeatedly in the past. They lied about the co-ownership by Binance, they lied about printing money out of thin air, they lied about getting a proper audit, and all but a few of the founders are fraudsters with a history of lying.