"Stablecoin Empire" Tether's Unstable Truth: How Deep is the "Black Box" Behind $100 Billion?

USDT's market value has surpassed $100 billion, making it the most important infrastructure in the crypto world. However, the composition of Tether's reserves, the transparency of audits, and its relationships with traditional banks have always been shrouded in mystery.

How stable is this stablecoin empire that claims to be "backed by the dollar"? With 70% of global crypto trading relying on USDT as a medium of exchange, has this centralized "stability" become the biggest systemic risk for the entire industry? If Tether encounters problems, what kind of chain reaction will the entire crypto market face?