Exactly. Which is why many have cautioned people to stay away from centrally issued stablecoins such as Tether.
Stablecoins are ok but not all of them.
As for USDT, I can say that this company was only a kind of temporary solution and in the next couple of years it will be ousted by competitors who are conducting an audit that will suit people. The same Paxos causes a higher degree of trust, so if I had a choice than to own USDT or Paxos, I'd definitely chose the second.