The seam isn't flush...it's held with nails and looks like it's spreading open....I personally wouldn't trust it. I have had that happen to my canopy from warping, but never on the base stand.
Get another stand, where did you purchase that one...ask for a replacement. If it's older or purchased used, buy or build another. Before doing all of that private message 2Quills, he is a builder, and can tell you if it really is a serious concern. Just because I say I wouldn't trust it, doesn't mean spit...I don't know anything about building stands, whether may be ready to go at any moment, or last for years. 2Quills will know. he is on all the time and can answer you properly.