It seems like that but what it claims is that those "sbd's" are backed by actual currency or value so that they cannot simply print at will. What it looks like is that a lot of wealth got siphoned from USDT printing into ballooning the price of BTC, granted they might have all that backed by assets, the likelyhood of that getting smaller and smaller by the day as a simple audit would have dispelled any controversy surrounding this but it seems there aren't any plans as of now for that audit which was backed up Bittrex(might be bitfinnex) but fell through not long ago.
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I have to look at this. I didn't think that many USDTs were made. A lot but not a sizable percentage of crypto market cap. Something like 2 billion or so I think....