[Zanfa]

> If Tether was minting unbacked USDT, then Tether would eventually be shown to be insolvent.

Tether's has been shown to be technically insolvent every time they've been forced to open their books.

> Second, if you're manipulating the price upward, it becomes more and more expensive to maintain the price. Like let's say Tether issued USDT to pump the price of BTC. If they wanted to maintain that long-term, they'd need to print more and more USDT to maintain the price, which gets us back to insolvency.

This is literally what they seemed to have done though. Tether's market cap hovered around a few billion for a few years and then suddenly shot up to almost 80B.