Interestingly, there are now million-dollar buy walls on Kraken at 0.986, 0.985, 0.975, 0.97, and 0.965. Normally the buy side on Kraken is very thin. A few days ago, to sell $250K on Kraken you would have had to sell the last one at $0.50. Kraken is the only exchange I know of where it is possible to exchange Tethers directly for USD. Someone is defending Tether.

$5 million isn't much compared to Tether's market cap but this might have something to do with why the Tether price is still levitating within a cent or so of par.