Maybe though I figure they must be buying back to keep the price above 99c. My hypothesis is they are burning through the cash but not showing it as if they showed the cash going 2bn, 1.5bn... there'd be a bank run of people trying to get out before it was gone.
I'm not really sure how Tether is maintaining their $1 peg on the open exchanges, it seems to me that they shouldn't be. But explaining why the market cap hasn't gone down is very easy, it's very hard to actually destroy Tether.
