Why is USDT so expensive?

I'm curious, why is USDT priced so high? I understand that it's a stablecoin pegged to the value of the US dollar, but its market capitalization seems disproportionately high compared to other cryptocurrencies. Is there something unique about USDT that justifies its high price? Maybe it's got something to do with its widespread adoption or its underlying technology? Or could it be due to market speculation and demand? I'd appreciate it if you could explain the reasons behind USDT's high valuation.