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.
This is why i were leaving USDT for BUSD. I don't know why people are still using this non transparent stable token. Even UST that was being transparent can be destroyed easilly but in my opinion when people realized about the truth and massive sell will be happening like UST even USDT was not a algorithmic stable token. Last week i have seen the price of USDT was also dropping. This stable token was not viable anymore to be used for the daily interaction with the market.
The worst thing may come when public will know about the truth of USDT reserve
Last week's drop in USDT's price was due to the UST crash effect affecting USDT. The death of UST has been warned by many on twitter but very few people care about it, UST is an algorithmically stable coin unlike USDT is a stablecoin backed by USD. Therefore, they should not be compared with each other. I see USDT and BUSD are the same they don't have too much difference, if you find a better USDC or DAI than BUSD.
Algo and the Tether company based are different type of situations. In one of them it was basically the algo that kept it going on and when people figured out that it wasn't perfect and it went down and it wasn't designed properly, it crashed to hell and it will never recover.
The problem there is the fact that you are still giving money to the team so that they would keep it level, when they couldn't, it dropped and we learned that the algo was a miscalculation. Right now the similar thing could be said about Tether as well because that is based on a company and everyone trust the company to go on forever but the reality is that they could screw up as well.