Is it risky to hold USDT?

I've been hearing a lot about cryptocurrencies recently, and USDT has caught my eye. But I'm a bit concerned about the risks involved. Is it really safe to hold USDT? What are the potential downsides I should be aware of? I understand that it's backed by the US dollar, but what happens if the company behind it goes bankrupt or faces some other issues? How liquid is USDT? Can I easily convert it back to cash or other cryptocurrencies when I need to? And finally, what are some strategies I can use to mitigate the risks associated with holding USDT?