So I don't understand how Tether (USDT) works. I hear two contradicting things about it. First, is that it is pegged to the dollar, plus or minus a few cents here and there. Second, that you can buy or sell freely from some other cryptos.
BUT, usually when lots of people are buying a crypto, it's price will go up. But tether seems to somehow decouple demand from price. I thought that was impossible?