So Tether is worth $0 and $1 at the same time?

Original Article- Cointelegraph- Bitmex: Tether ‘Possibly’ Has Enough Cash Reserves, Could Still Be Shut Down

Toffer Wayne's Comments

So as I recently reported Here, Tether USDT is on OMNI Bitcoin and ERC20 Ethereum at the same time. Now we have evidence of this on Tether's own Transparency Report

This raises the question of why Tether bothers to put the database on the Bitcoin and Ethereum blockchains at all — it would be far cheaper for Tether to create its own public database without needing to pay fees to the miners.

What I find curious is the fact that the ERC20 token appears to have $0 value despite there being $60m USDT on Ethereum and that they should be pegged to the same $1 USD.

Can someone explain this discrepancy? I'm really curious how you can have the same stabile token, riding on two different blockchains, without direct trading pairs to arbitrage, and with different apparent values ....