I keep reading people post this on HN but I promise you it won’t matter. The shock of Tether not being fully backed already happened back in 2018 and the $1 peg briefly broke before recovering. What’s the next shock? It’s still not backed? The market already knows this and doesn’t care. Retail currently can’t cash out USDT and still won’t later.

IMO the only way USDT dies is if the US government makes using it illegal. Nothing else will make a dent in it.