What I wonder is: Even if it is totally a ponzi scheme/scam, it seems like the price holds even if people have little faith on whether or not it's properly back

What I wonder is: Even if it is totally a ponzi scheme/scam, it seems like the price holds even if people have little faith on whether or not it's properly backed. So, has it _psychologically_ managed to create price stability? So long as there isn't a giant run on the currency where they actually did run out of the necessary US Dollars (as well as insufficient people stepping in willing to pay $1 for 1 USDT), does it actually matter whether or not they have fully collateralized the currency? I find that to be sorta interesting.