Lots of people have been saying Tether is a fraud for years now. Even some very smart and highly regarded people; patio11 comes to mind. Yet in all those years, Tether had no major depegging event, bankrun or any other noteworthy chain reaction whilst big frauds unwinded, hacks happened and over-collaterized bubbles popped. I'm not saying Tether isn't a fraud, but I feel the chance it falling as an unbacked stable coin is long gone. More likely they will end up OFAC sanctioned (such as happened with tornado cash) for roleplaying as the federal reserve.