I've been a bitcoiner of a few years, but I could do with knowing more about Tether.

Not particularly as I'm worried about Bitcoin;

This article is decent in that regard. But to be better informed. Tether is always someones liability - there are billions sat on exchanges - surely they have better information than the rest of us? Are the quarterly BDO reports actually meaningful - if not proper audits?

Surely there would have been a run on them by now if there was a shortfall? Personally I think the simplest explanation is probably that they are fully backed - and now yielding 4-5% on $85bn which is insanely profitable with very few costs and no yield payable in return. There is a business case for them to exist and they were simply first in the market.

Have I got this right? Please let me know your thoughts! Would love to see any further resources on the subject. I know plenty of OGs are just bored of it but I've not seen a lot on the subject.