Ah, so you are saying that it is such a mess that no one can/will take either side of the 'bet', so forces that would ordinarily more quickly push it off it's pseudo-equilibrium are absent?

Yes I agree that those forces are minimal for Tether (and crypto in general) vs other investments. But it seems at most like a minor second- or third-order effect; technically existing but not practically moving (or stabilizing) the markets.