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 think this has been what others have been saying against Tether: they run on fractional reserves.
Remember that New York attorney general has been investigating Bitfinex and Tether as there are concerns about them that they don't have cash reserves, and so a coverup. So we will see, although this case has been settled as far as I know, and as what we witnessed recently, even these so called stable coins can collapse anytime.