A lot of folks in the “tether will fail spectacularly” camp also believe that its failure poses a systemic risk to other crypto, both because tether holds positions that they would have to quickly liquidate in a run, and because USDT makes up a large component of the daily trading volume for many coins.

So I suspect there’s not much overlap between people who believe they could break tether and people sitting on a large crypto stash to use as collateral.