A very balanced look into the U.S.'s recent fine of Tether for not having dollars to back all of its tokens at all times. This article does well to present the nuance in the situation, which is essentially that, yes, Tether should be backed by dollars at all times for its customers, but until now that regulation was not clearly defined and yes, banks also do not have 100% of their customers' funds backed in U.S. dollars (they're often invested so the bank can earn yield from the money it's holding).