Is the distinction meaningful in the course of reaching a settlement? Both parties agree on the facts at hand. I suppose you could make that case were the judge to make the determination on the basis of evidence, but the Tether folks signed the agreement of their own volition with the NYAG. At that point the evidence shouldn't be in question - and hence the standard isn't in question - simply their admission, no? Ok, not an admission, maybe an acquiescence.
I would say the evidence in a settlement or plea deal would be of equivalent quality whether a criminal or civil trial.
Further, I'd suspect the majority of folks who accept plea deals in criminal matters don't end up in prison either.
It makes them un-backed by US Dollars in a bank account.
It does not make them un-backed by securities denominated in US dollars, which was my point. It's also likely why she never pursued a fraud case.