The 2020/2021 bubble is going to look like a big missed opportunity for the crypto industry to get Tether's books right. It might have been their one and only chance to find enough dollars to actually make their backing 1:1. Now that that bubble is in the past and future bubbles are at the mercy of both public sentiment and macroeconomic conditions, Tether just has to hope that a majority of USDT stays "on the sidelines" and doesn't actually get withdrawn into the real economy. They won't necessarily implode like UST but the possibility hangs over every downturn and panic.