Ask yourself this, where's the proof of any backing? Where are the journalists questioning USDT's holdings? The true state of obliviousness in crypto is still baffling. Despite billions of dollars and repeated offenses by countless wolves over the past 10 years in all of crypto, no one bats an eyelash at the lack of any evidence from the largest stablecoin.
USDT will become the biggest scam in crypto history, bigger than XRP by 5-fold. The day of reckoning will arrive soon enough. Maybe a few more years before this speculative prophecy comes to fruition.
USDT is everything crypto is supposed to be not. Tether's basically got all the fiat issues of the dollar it's notionally pegged to, but then with additional dimension of them being allowed to print tether that doesn't even correspond to a dollar. Even more worrying is htf they managed to become unpegged from the dollar and be forced to rely on (mystery) paper. If you've printed ~ $75 billion worth and can manage to locate a backed investment that pays 0.1% on your saved dollars - that's still $75 million a year to run your company and buy everyone a lambo with, each year, forever.
You get the impression that they thought "not good enough" and overlooked their entire purpose.