[jellicle]

But if you can buy a new Tetherbuck straight from Tether for $1USD, issued in unlimited amounts, why and how could the value of a Tetherbuck ever exceed $1USD?

And on the flip side, if Tether redeems any Tetherbuck for $1USD, on demand and quickly and without solvency concerns, why and how could the value of a Tetherbuck ever drop below $1USD?

Any deviation from $1USD value means the market disbelieves one of the above things.