The article mentions the Lebanese pound has "lost more than 90% of its value". For an equivalent loss in value from holding USDT that would mean that each USDT

The article mentions the Lebanese pound has "lost more than 90% of its value". For an equivalent loss in value from holding USDT that would mean that each USDT is only backed by 10 cents of value? I mean there are certainly arguments to be made about how much value is actually backing USDT but to claim that it's only 10% seems way off. I think people would be shocked and there would be crypto-wide panic if USDT dropped to 85 cents on the dollar. If USDT 'collapses' that does not mean that one USDT is worth 0$ only that the value drops enough that it causes a structurally significant sell-off. This is what people worry about, not USDT becoming worthless. If I'm Lebanese, yes I'll take the USDT To give maybe a good parallel take a look at clients of Bernie Madoff's fund. This was by all measures considered a 'collapse' and a 'disaster' but when all was said and done clients still recovered 70-80% of their claims. Granted it took a long time ~10yrs or so but still a very far cry from 10%