A new article released by the European Central Bank (ECB) describes stablecoins as a “risk to financial stability,” claiming they are vulnerable to depegging and could adversely affect legacy financial markets in the United States and Europe.

The ECB criticized stablecoins, saying they “may pose financial stability risks through their inherent vulnerabilities and their interconnectedness with traditional finance,” citing that stablecoins could depeg if investors lose confidence in their redemption ability. The statements insinuate that, despite Circle and Tether being some of the largest holders of U.S. Treasuries, the stablecoin issuers still risk a bank run.

As a result of Tether and Circle’s large holdings, the authors claim, a run on stablecoins could “trigger a fire sale of their reserve assets” and destabilize the $25 trillion U.S. Treasury market.

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