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.
I am well aware of all the controversies that are surrounding USDT for a few years now. As far as i know this all started back in 2019 or so, when the company behind USDT changed it's wording regarding the backing of all the USDT that are minted. Before it was always stated that they have enough USD to cover every USDT minted 1 to 1 but then they changed it to "we have enough reserves to cover every USDT minted" but the big problem is no one can really check what kind of reserves that are and if those reserves even exist.
If we would see the same thing happen to USDT then to UST a few weeks ago then the impact on the crypto market would be extremely devastating in my opinion and the current bear market caused by the Terra collapse will look like nothing in comparison to that.