[manquer]

There may not be $70 billion actually in tether, but some fraction of that people have paid them in exchange for the coin, a good chunk of that is already mis-managed/lost. A bank run would lose even more.

Issuing more tokens than the money they have is basically inflation and devalues all holdings.

Yes non profitable without a clear path to profit, or pre-revenue companies is a lot of smoke for risky value, however in most revenue generating companies there is underlying asset which generates some cash every year and that is always worth something.

With currency everything is abstract and depends only on trust in the system for its intrinsic value.

This is why U.S. is able to use the reserve currency status of dollar and issue a lot of new currency without equivalent inflationary pressures other currencies would face, they are basically leveraging trust in to generate seigniorage.