What are the risks with USDT?

Could you elaborate on the risks associated with USDT? As a cryptocurrency enthusiast, I've been hearing a lot about it recently, but I'm still not entirely sure about its stability and potential downsides. I understand that it's pegged to the US dollar, but what are the chances of it decoupling or experiencing significant volatility? Are there any regulatory concerns or legal issues that could arise with its use? And how does it compare to other stablecoins in terms of risk and reliability? I'd appreciate your insights on this matter.