[Traster]

The difference betweeen what Tether says and what Apple says is that Apple actually have to follow regulated practices in reporting their cash. All that Tether is saying is that they have about half their reserves in commercial paper with no details of what the risk profile of that is at all. And given that they don't need to report this to anyone, and they'd get to keep all the profits from riskier bets, it seems quite likely not to follow regulatory standards- which they actively claim to get around by saying they don't operate in the US (despite being a tether for USD)

[FabHK]

Also, Tether promises that at any time you can redeem a tether for USD (well, it doesn't really promise that either). Apple does no such thing.