Circle lists USDT's encounter with a run as one of the risks in its business in the S-1 document

On April 2nd, Bloomberg analyst James Seyffart pointed out in a reposted X post that Circle indeed listed USDT's run on the bank as a risk to Circle's business in its S-1 filing. The screenshot shared in the post shows that Circle wrote in its S-1 file: "Negative developments related to USDT, or actual or perceived instability of USDT, could lead to loss of trust in other stablecoins (including those issued by Circle). Temporary price dislocations in secondary markets or a full-scale run on USDT could result in persistent redemption demands, runs on the bank, or similar price dislocations for Circle’s stablecoin in secondary markets. Although we have never encountered an inability to meet customer minting or redemption requests when such price dislocations occur with other stablecoins, inflows and outflows can be volatile and demand for minting or redeeming may be so strong that we might encounter operational difficulties meeting such demands."