What about USDT backing by commercial which is fairy dust agreements? USDC and DAI already taking the market share away from USDT. Stay cocky until you get cocked my friend :)
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As the oldest and biggest stablecoin USDT should be fine to undergo public scrutiny. But it has just been dodging authorities, trying to claim that some weird attestations are as good as independent audits, claiming it has no connection with Bitfinex and other weird business...
Everyone should go through the same process. New or old. It is how regulations work. Otherwise you're just a crowd with pitchforks. We have attestations now that show tether is fully backed by reserves.
