PANews reported on April 2nd that Bloomberg analyst James Seyffart shared an X post indicating that Circle indeed listed a potential USDT bank run as a business risk in its S-1 filing.

The screenshot shared in the post shows that Circle wrote in its S-1 filing: "Negative developments related to USDT, or actual or perceived instability of USDT, could lead to a loss of trust in other stablecoins, including those issued by Circle. Temporary price misalignments in the secondary market or a comprehensive USDT bank run could result in sustained redemption demands, bank runs, or similar price misalignments for Circle's stablecoins in the secondary market. Although we have never encountered difficulties in meeting customer minting or redemption requests during price misalignments of other stablecoins, the volatility of inflows and outflows and the demand for minting or redemption could be so intense that we might face operational challenges in meeting such demands."