Why is USDT higher than USD?

I'm curious to understand, why is the price of USDT consistently higher than that of the US dollar? Could you elaborate on the factors that contribute to this discrepancy? Is it due to market demand and supply, or are there other underlying reasons? Given that USDT is meant to maintain a 1:1 peg to the USD, why doesn't its price fluctuate around that parity? Your insights would be greatly appreciated as I'm trying to wrap my head around this apparent anomaly in the cryptocurrency market.