[Delphi Digital: Even if stablecoins are fully collateralized, it does not mean they are immune to potential bank runs] March 16 news, Delphi Digital tweeted, 'Tether and Circle are not foolproof systems. Just because they are backed 1:1 by short-term Treasury bills and cash equivalents does not mean they are immune to potential bank runs. As early as the collapse of Silicon Valley Bank (SVB) in early 2023, the USDC depegging incident already revealed signs of such risks. USDC was originally fully reserved, but when Silicon Valley Bank collapsed, part of the reserves became temporarily inaccessible. This means the risk was merely shifted upward. In traditional banking, payment risks are typically dispersed across institutions. In the stablecoin system, payment channels may be deterministic and automated, but this means that settlement risks, which were previously eliminated among participants, are now concentrated at the issuer level. The system has not become risk-free but has transformed into a vertically dependent structure. This is precisely the fundamental reason why concerns about issuer concentration have started to emerge.'