I'm afraid I don't trust their unspecified 'cash equivalents' which are mostly not cash or anything close. So I think the title is justified and not in any way a distortion of their position. Here is some more detail on the breakdown and this unspecified 'commercial paper':

https://amycastor.com/2021/05/13/tethers-first-breakdown-of-...

Personally if they don't break down what those assets are, I wouldn't trust it's not just 'cryptocurrency assets' rebranded as cash.