On the home page at https://tether.to/, it states:

> Every tether is always backed 1-to-1, by traditional currency held in our reserves. So 1 USD₮ is always equivalent to 1 USD.

> That is to say, they offer no guarantee that 100% of USDT in circulation are backed by USD at any given moment.

It's right there on the front page, a claim that they have 1 to 1 backing.

This seems to me like a blatant lie, along with their claims to audit.

Not that I would trust them, but literally the next sentence;

Through our Transparency [1] page, anyone can view both of these numbers in near real-time.

[1] - https://wallet.tether.to/transparency

And right beneath that,

"Our reserve account is regularly audited".

By whom? Where can anyone see these audits, for transparency's sake?

Tether fired their auditor for asking too many questions.[1]

[1] https://www.coindesk.com/tether-confirms-relationship-audito...

Tether fired their auditor for _wanting to conduct an audit_, and not being willing to "rubber stamp these bank statements for us and call it good".