>Tether admits that most of their assets are made up of commercial paper (aka bonds issued by companies)
No, at their attestation 2 months ago, "Commercial Paper and Certificates of Deposit" was 24.38% of their assets. This is much less than the "U.S. Treasury Bills" which was 47.56% of their assets.
Sure, maybe now it isn't, but in June 2021 that figure for commercial paper was 49%. Their most recent claim is a few days ago, during this big exodus of money off their books, and it involved a reduction of at least $4bn worth of commercial paper. So I think it's a very relevant thing to point out that this $10bn didn't necessarily mean they allowed for $10bn of cash withdrawals but rather some cash and some cancelling of debt denominated in USDT. Overall remember their reporting is not particularly trustworthy given how little (non-existent) outside scrutiny they allow it to receive. These are all just numbers they could be making up to explain the things we can see.
No, at their attestation 2 months ago, "Commercial Paper and Certificates of Deposit" was 24.38% of their assets. This is much less than the "U.S. Treasury Bills" which was 47.56% of their assets.