As USDC has seen a break in its peg over the last weekend, users started converting and some of them went into Tether.
The Tether market cap increase for 4B in March, from 71B to 75B, while the USDC market cap contracted for 5B, from 42B to 37B.
This chart clearly shows the inverse correlation these two have. I wonder will we see a Tether fud at some point very soon.
BUSD was attacked, USDC was attacked, its seems very likely USDT to get some attacks as well. They are outside of US jurisdiction, but still not unattachable. I bet they hold a lot funds in US institutions. Time will tell.