Thanks for the post.
This poses a few questions. The coin isn't backed by USD, it's tethered and we see in high volatility across the crypto market, the value against USD wavers.
The currency has 2 billion in circulation you say, that's some way off the 1.2 trillion USD that is available, so the answer is right there, it's probably UNDER valued if it is truly tethered.
But we need to move beyond fiat and look at tether for what it SHOULD be and that's a stable coin in a choppy sea. I'm sure most of us that trade coins just want a safe haven when things go south. Both BTC and ETH are too volatile, as many of us that have been checking portfolios over the past week can attest!
This also brings up the question of BTC being the base currency against all others are traded. Maybe once upon a time this held true as it was the 1st gen of coin, but with it's future is somewhat of a question mark, can it really continue to be the base currency, or is that job best suited to something more stable against fiat (which, until we get to futuristic age where crypto is a defacto currency across the board, we will always measure the value of crypto against fiat) and USDT, if the inflation/deflation is kept in line against fiat, should fit the bill perfectly.
I see bright things for USDT, we are rightly skeptical though, but since we removed the gold standard USD isn't backed by anything, but we have ultimate trust in that.
Interesting times!