Why doesn't Tether stay put at $1 price exactly, but jumps around .999 to 1.001 dollars?

It is the difference between buy and sell price - the difference is pocketed by the crypto exchange.

Although currently the exchange Tether to fiat dollar is close to 1:1 the peg is a promise and a guarantee, as described in this article -
The danger in the stable coins (thought experiments and the real price of Bitcoin)

If a small group of people decide to cash out - sell bitcoin, get Tether, and attempt to convert to fiat, the 1:1 peg may be broken…

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