Happy New Year!

This is not related to this video, but I had a question regarding Tether - I'm wondering why everyone seems to judge Tether based on whether each Tether in circulation is backed by an actual dollar. The US dollar value of any cryptocurrency is based on its circulating supply and the demand for the token, no?

With this in mind, does Tether not adjust its total supply based on the demand for Tether in order to keep the price of Tether at 1 USD - in effect tracking the US dollar?

How does being backed by physical US dollars affect this in any way? Even if people started massively selling off Tether, couldn't Tether developers "burn" excess supply to make it more scarce and keep the value at $1 regardless?

I was curious to know your response to this. I welcome any other readers thoughts as well. Thanks.