If you want to follow this, the thing to watch is the USDT market cap. It fell from $83B to $66B, then climbed to $67.5B. As long as it's not making new lows (i.e. people redeeming their USDT for USD), the chances of failure are basically 0. If it does start dropping lower, that's when people will start getting nervous again.
As with all of these things it’s about confidence.
If there is another wobble, and significant redemptions, any hint that they aren’t going to be fulfilled will cause a run. At which point the whole house of cards will fall, if as seems likely they don’t have the $67.5B in the bank.
