So I went to the Tether website and there is no way to buy or sell USDT for or to USD. Rather, the only way I see to buy it is to go to an exchange like Binance and use bitcoin to buy usdt. The only way to sell usdt is to sell it back to bitcoin on an exchange. Tether does not deal with USD whatsoever, not directly nor through exchanges.
Is this correct? because if it is, where is the USD that are supposed to be backing all these usdt tokens coming from? and how are they able to print new usdt at will - where is the usd coming from to support these new usdt tokens? Apparently there isn't even a way to create a wallet on Tether.io much less be able to buy or sell them for usd. https://wallet.tether.to/app/#!/signup
I'm really confused by this, please explain.