Circle listed USDT run as a risk for its business in the S-1 document In a post reposted by Bloomberg analyst James Seyfart on X, it was pointed out that Circle did indeed list USDT running as a risk for Circle's business in the S-1 document. The screenshot shared in the post shows that Circle wrote in the S-1 file: Negative developments related to USDT, or actual or perceived instability of USDT, may lead to the loss of trust in other stablecoins (including stablecoins issued by Circle). Temporary price misalignments in the secondary market or a complete run on USDT may result in sustained redemption demand, runs, or similar price misalignments for Circle stablecoins in the secondary market. Although we have never encountered situations where we are unable to meet customer minting or redemption requests when other stablecoins experience such price misalignments, the volatility of inflows and outflows, as well as the demand for minting or redeeming, may be so strong that we may encounter operational difficulties in meeting such demands