What are the various scenarios for Tether from here?

I’d love to see a solid 1:1 stable coin option like #[0]​ ´s custodia that keeps getting refused, but I’m trying to understand/map out how regulators going after Tether could pan out. I think they have a potential solid business getting money market return on the float, so that they don’t have to resort to fraud, but folks around me are heavy of the skeptical side.