[lottin]

Full collateralisation isn't enough to rule out a run on USDT, since the value of the collateral can vary depending on market conditions. We can be certain that one USDT will always be redeemable for one USD, as long as USDT is fully backed with USD, but we already know from the attestations this is not the case.

[DebtDeflation]

Right, I'm assuming collateralization by bank accounts, money market accounts, and short term Treasuries. Not commercial paper issued by Binance and Bitfinex.