While I am no huge volume arbitrageour/market maker, I actually make a living running arbitrage systems and market making systems specifically for stablecoins.

I do consider to know what I am talking about, considering my systems make hefty profits and have no real exposure to volatile crypto assets (or even long term exposure to crypto in general, my profits are in real world dollars). This is why I know that USDT has actual real utility and it is currently best instrument in its category. USDT is indeed somewhat shady but it’s premise and utility are all sensible and it is hugely profitable for its founders. They have zero reasons or incentives to do suspect things that could risk its peg.

If something goes horribly wrong for USDT it is going to be due to incompetence and not because of some long term planned con.