No, but apparently they can tell people "this is worth $1" and people will believe them, even if there's nothing backing it. On a long enough timeline what you say might be true, but in the short term it seems that most people haven't gotten the memo.
It's worth one dollar because, at least until now, Tether has sold as many as people will buy for 1 dollar, and bought as many as people will sell for 1 dollar. I get that everyone hates Tether, and I'm not a huge fan myself, but that doesn't mean that high school econ gets thrown out because you're emotional.
