> I read an article not that long ago where a journalist was trying to figure out where Tether kept its money (if there was any).

I think that you might be referring to this one [1] from Bloomberg on Oct 7: Anyone Seen Tether’s Billions?

It generated plenty of discussion on HN [2].

I mention it here because I enjoyed the article and the style in which it was written, if you don't mind a little snide humour in discussing a potentially serious problem. (The article was also archived [3].)

Bloomberg commentator Matt Levine discussed the article in his Money Stuff column of the same day, Looking for Tether's Money [4]; it provides background and explanation of the mechanics of Tether, which I found to be educational. (That column was also archived [5].)

[1] https://www.bloomberg.com/news/features/2021-10-07/crypto-my...

[2] https://news.ycombinator.com/item?id=28784745

[3] https://archive.is/LdRL6

[4] https://www.bloomberg.com/opinion/articles/2021-10-07/matt-l...

[5] https://archive.is/cQVJl

For context, Bloomberg's "Anyone Seen Tether's Billions?" is a fun read, and was discussed here: https://news.ycombinator.com/item?id=28784745