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 tangible* evidence from the largest stablecoin.
Some people thought that USDT gain its merits by simply being the largest stable coin, therefore many of them didn't look deeper into what it is all about, they presume it is fine since many people are using it. By relying on the masses' usage of USDT and/or a piece of attestation for the transparency, they assume it is all good. What can we expect from a platform that relies on trust while the masses blindly give the trust?
People have the mistaken thought that something is too big too fail and one of the best examples of this was the Titanic, at the time it was the best and biggest ship ever built to the point people thought it was unsinkable, and we know that happened, it crashed and disappeared on its maiden voyage, and we are seeing something similar happening with USDT, USDT is so big and powerful that people believe it cannot ever disappear, but it can, and when it does it would not surprise me if it happens as fast as what we saw with UST.