On April 2, Bloomberg analyst James Seyffart pointed out in a post that Circle did list USDT runs in the S-1 file as a risk to the Circle business. Screenshots shared by the post show that Circle wrote in the S-1 file: "Negative developments related to USDT, or actual or perceived instability of USDT, may cause other stablecoins (including stablecoins issued by Circle) to lose trust. Temporary price misalignment in the secondary market or a full run of USDT, may lead to continuous redemption demand, run or similar price misalignment in the secondary market. Although we have never encountered situations where customers cannot meet minting or redemption requests when such price misalignment occur in other stablecoins, volatility inflows and outflows and the demand for minting or redemption can be so strong that we may have operational difficulties in meeting such demands."