Can anyone chime in as to what the fiduciary responsibility is if you have a liability but no responsibility to pay it? If I promise to store $1 for every $1 taken but also don't agree to actually ever pay out, is it illegal to not actually store the $1, or is it just dishonest?

> If I promise to store $1 for every $1 taken but also don't agree to actually ever pay out

if you can explicitly write into the contractual agreement that you don't pay out, then may be it would not be illegal not to store it.

But then who would actually give you the $1?

> Can anyone chime in as to what the fiduciary responsibility is if you have a liability but no responsibility to pay it?

A liability is a responsibility to pay. If you have no responsibility to pay, you have no liability.

My understanding is that Tether is only ever redeemed at their discretion.