> if you hold USDT and want to sell it for cheap, who is going to buy it for cheap-but-nonzero?
The market price for one Tether is currently $0.9984 because traders are buying at that price.
So if anyone holds Tethers and believes there's greater than 1% probability that it goes to zero, the rational trade is to sell.
The fact that the price holds at parity tells me that Tether is not an obvious fraud.