Why did USDT fail?

Could you explain why USDT failed? As a professional in the field of cryptocurrency and finance, I'm sure you have a deep understanding of the reasons behind this collapse. Was it due to a lack of trust in the issuer, Tether Limited? Or was it because of the volatility in the crypto market that led to a loss of confidence in USDT? Was there a lack of transparency in its operations, or was it simply because of a broader market downturn? I'm interested to hear your professional analysis on this matter.