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I did some research on this.

Tether has been manipulating the market since 2018 through using wash sales to prop up the price through apparent demand.

Tether has most of its liabilities backed with unsecured commercial paper from China.

China has had issues with their real estate companies being in too much debt and offering too much commercial paper to keep them running day to day.

China also has moved against crypto currencies recently, and regulating the real estate companies to move forward to pay back their debt.

So this strikes me as systemic risk. If USDT goes, so does the Chinese Commercial Paper Market, and vice versa. Who knows what gets taken out at that point. Tesla? Coinbase? Nvidia and AMD for losing sales to mining rigs? I don't know.