USDT Pool Looping - Liquidation RIsk

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1

Suppose you supply USDT and borrow USDT, the proceed to loop it by supplying the borrowed USDT and repeating this action until the maximum LTV is reached. Would there be risk of liquidation risk? For instance, if USDT depegs, your supplied asset is the same as your borrowed asset so I would guess your HF stay the same.