I can’t tell if this is a joke about financial engineering tether slowing lowering its backing publicly? Maybe a double entendre?

Tether was originally 100% ‘backed’ and after more and more pressure, they literally did that exact same thing with the percent that was backed in USD.

“It’s 100%. Okay, it’s absolutely backed by 99% usd. JK, 96! I think they are at like 74% now publicly backed by USD?