Is Tether Backed 1:1 By USD?

Tether used to say they were backed 1:1 by USD. They now say “Every tether is always 100% backed by our reserves, which include traditional currency and cash equivalents and, from time to time, may include other assets and receivables from loans made by Tether to third parties, which may include affiliated entities (collectively, “reserves”). Every tether is also 1-to-1 pegged to the dollar, so 1 USD₮ is always valued by Tether at 1 USD.”

The new wording can be confirmed on the official Tether website https://tether.to/.

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