PURCHASE AND REDEMPTION OF TETHERS: The Site is an environment for the purchase and redemption of Tethers. Once you have Tethers, you can trade them, keep them, or use them to pay persons that will accept your Tethers. However, Tethers are not money and are not monetary instruments. They are also not stored value or currency.
It clearly states that it doesn't hold a value. That's from their terms and agreement BTW.
yes i understand. that does not mean they dont hold reserves or this is fraud. also does not state they can print out of thin air.
proof would be an audit of USD reserves that is less than market cap.