No it’s not a better comparison as banks genuinely create money by lending. This is the whole point of FRB.

You can cherry pick your numbers but it doesn’t change the fact that Tether’s reserves likely don’t exist in the way they’re supposed to (cash and cash equivalents).

I don't think it's a better comparison when it comes to how much money is "printed". That's M1, not M2. Fractional reserve banking don't print money, it increases (and decreases) the money supply through lending.

Despite perhaps not being backed properly, Tether is not supposed to be fractional reserve, nor is Tether created through debt.

> Fractional reserve banking don't print money, it increases (and decreases) the money supply through lending.

Technically the Fed does the same. They lend money to the Treasury by buying Treasuries (or more recently, to other people by buying IG credit). When the Fed prints money, in theory it’s offset by a liability somewhere. They are the same. M2 is what matters.