Many retail investors probably have. But the big Tether holders can't liquidate their large positions because it would likely cause a market collapse. Many hold

Many retail investors probably have. But the big Tether holders can't liquidate their large positions because it would likely cause a market collapse. Many holdings are on public addresses, so if for example a big exchange liquidated their Tether, everyone would know and start panic selling, leading more big holders to sell, and so on. And even if they liquidated through OTC or centralized parties that are not publicly known, the volume would still obvious. Hence it's in the best interest of many parties to keep Tether up to avoid a market collapse.