How stable is USDT?

Could you elaborate on the stability of USDT, the popular cryptocurrency? How does it maintain its peg to the US dollar and what measures are in place to ensure its value remains stable in the face of market volatility? Are there any known instances where USDT has depegged significantly from the dollar, and if so, what were the consequences and how were they addressed? Additionally, how does the transparency and regulatory framework surrounding USDT contribute to its stability?