It's not a 1-to-1 situation, but what Tether does for Bitco…

It's not a 1-to-1 situation, but what Tether does for Bitcoin is what the eurodollar does for global asset prices.
https://crypto-anonymous-2021.medium.com/the-bit-short-inside-cryptos-doomsday-machine-f8dcf78a64d3