What is the real USDT?

What exactly is the authentic USDT? Could you enlighten me on its core principles and functionalities? Is it merely a digital representation of the US dollar or does it possess additional unique attributes? What role does it play in the cryptocurrency ecosystem, and how does it differ from other stablecoins? Furthermore, could you explain the mechanisms behind its stability, and how it maintains its peg to the US dollar? I'm also curious about its legal standing and regulatory framework, as well as its potential risks and limitations. Lastly, how does it fit into the broader financial landscape, and what are its future prospects?