so lemme get this straight.  They make a "stablecoin" pegged 1:1 USD:token.  Then they "raise" money, or sell it and use those funds to "back it".  They make money from all investment income from that like tether investing in commercial paper in china and stuff.  adds up quickly when you have billions outstanding.

but in this case instead of USD they bought BTC, but still pegged 1:1 USD:token.  right ? 

but this makes no logical sense at all.