Did you think USDT had a reserve?

Tether has been in the news lately and everyone seems surprised that the marketing claims seem to be just that: baseless claims

But this fact is useless because if tether keeps 100% of the USD in their bank account or not make absolutely no difference. As the legal part explicitly tells us:

TLDR: There is no contractual right or other right or legal claim against us to redeem or exchange your Tethers for money. 

It makes no difference if they hold 100% or 10% of the funds as reserve. You have absolutely no claim to these funds if you buy tether. And it makes no difference if you bought them from Tether directly or on a secondary market.

Conclusion

Good luck getting any value out of tether. The legalese may or may not hold in a court of justice. All they probably need to do is close shop and not set foot in the USA.