The only way I can think of a stablecoin being totally independent of banks is to store their reserves as bank notes, and when someone wants to cash out USDT to USD they have to go pick up the bank notes. This glosses over the obvious challenges of storing billions of dollars in bank notes and distributing those notes during a cash out. The bank notes are also worth less than face value because you have to physically store and secure them.
If one's business is "providing a clean link to the US financial system", why would one choose to avoid financial services regulation?[0]
If one is clean, or at least trying to look clean, why would one choose an accountant based in the Cayman Islands?[1] This bit in particular is beyond parody.
[0] https://www.coindesk.com/policy/2021/01/26/what-tether-means... [1] https://www.coindesk.com/markets/2022/01/26/tethers-new-acco...
...but isn't the whole point of Tether to stay as far away from the traditional banking system as they can?
This of course includes avoiding - as much as possible - all the KYC/AML legislation that traditional banks are obliged to follow?