If the answer is that they don’t have faith they can get the redemptions to cover their positions that’s also breaking the peg.
If Tether is pegged to a range against the dollar that’s fine and normal! Just claim that.
Or better yet don’t claim a peg at all if you have no mechanism to actually defend it.
If the answer is that they don’t have faith they can get the redemptions to cover their positions that’s also breaking the peg.