The thing that's always surprised me about Tether is the confidence people have in it without a fully transparent accounting being available of their collateral. Also they by their own admission in 2019 they only had 74% of the liabilities covered but people still seem to have confidence in them having 100% reserves. Collateral issues have been known since at least as far back as 2019: https://www.ccn.com/tether-lawyer-shocker-only-74-backed-by-...