PANews reported on April 2 that Bloomberg analyst James Seyffart pointed out in a post X forwarded that Circle did list USDT runs as a risk of Circle’s business in its S-1 filing.

The screenshot shared in the post shows that Circle wrote in the S-1 document: “Negative developments related to USDT, or actual or perceived instability of USDT, could cause a loss of trust in other stablecoins, including stablecoins issued by Circle. Temporary price dislocations in the secondary market or a full-scale run on USDT could result in sustained redemption demand, runs, or similar price dislocations in the secondary market for Circle stablecoins. Although we have never been unable to meet customer minting or redemption requests when other stablecoins experience such price dislocations, the volatility of inflows and outflows and the demand for minting or redemption may be so strong that we may experience operational difficulties in meeting such demands.”