A condensed history of large bank runs.
Note Tether today is 77% in liquid cash equivalents and the rest of the 103% backing is in liquid gold and BTC.

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Bitcoin has fallen below $90,000 this week due to liquidation pressure, weak ETF demand, and a confluence of macroeconomic uncertainty.

The decline has erased gains from previous attempts to respend...

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[Legislative Regulation] Since May 2025, the United States and Hong Kong have been racing to advance stablecoin legislation, sparking a global surge in legislation related to stablecoins and crypto assets (also known as "cryptocurrencies" or "virtual currencies"). Numerous institutions and capital are flocking to issue stablecoins and invest in crypto assets, leading to heated debate about whether China should fully promote stablecoin legislation and the development of RMB stablecoins (including offshore ones). Furthermore, after the US legislation prohibiting the Federal Reserve from issuing a digital dollar, the question of whether China should continue to promote the digital RMB has become a hot topic of discussion.

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USDT is over collateralised by 3%, but some assets would lose value in a meltdown.
Simple "bank run" maths to demonstrate (not exact to their treasury)... 26% in volatile assets and they crash 30% in a meltdown. Then Tether would be 95% backed.