I said token, because I want to emphasize that it differs little from
colored bitcoin.
Tether do not have its chain of its own, it is a token for that reason, as it is built on the blockchain of another coin.
Bitcoin does not have a smart contract so it is impossible to launch a stable coin.
Is ethereum, Tron etc that lunched those stable coin that make use of their blockchain? No. Tether is also transferred using bitcoin blockchain called the omini layer. If you are talking about smart contract, then you are talking about DeFi, NFTs and staking.
Your question are impossible because Bitcoin and USDT are never the same but I still don't understand why most people still trust USDT after their aforementioned history.
People still trst tether because it has the highest marketcap among all stable coins, it is using the blockchain of some of the most developed coins like bitcoin, ethereum, tron etc, people believe if those coins do not collapse, that tether is not likely to collapse too. But I am not supporting tether, because it is a totally centralized token.