Is Tether a Fraud?

The people at tether have, in a sort of shadowy way, created their own printing press. Bad money chases out good. The chances that they have 60 billion dollars in cash sending in some banks are essentially zero. There is no good reason to let a whole bunch of show bot congress people and senators decide once every couple of years to hold the nation hostage with debt limit. But there's a loophole that gets rid of this problem completely.