Tether (USDT): Tether is one of the most widely used stablecoins and has been around since 2014. It claims to be backed 1:1 by fiat currency reserves, although its transparency has been a subject of scrutiny.
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I am not sure where you are getting your info but you are wrong here. It's not 1:1 backed by fiat money, that's why it gets fudded in the first place. It's backed by 84.7% fiat cash, and there are several transparency audits you can find from their site-cut-
This is from their homepage:
Now i understand that 1:1 fiat reserves would be better but not even banks have that. It's insane how much more people are demanding from pegged coins. Usdt keeps being most fudded stablecoin out there even though their track record should speak for itself.