But the fed benefits from the demand for dollars. I'm that way I don't believe they are competition. The fed is more than happy to have them. The banks on the other hand... The banks are terrified.
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Tether sells their dollars to the federal government for treasuries. Tether doesn't hold dollars, that would be ridiculous since they don't earn interest. Tether holds no large amount of dollars, other than what they need for redemption (if any).