The American consumer protection organization warns about Tether's reserve transparency issues

ChainCatcher News, the American consumer protection organization Consumers' Research released a report on September 12, warning about issues with the transparency of the dollar reserves held by the stablecoin issuer Tether. The organization pointed out that Tether has yet to provide a complete audit conducted by a reputable accounting firm, despite multiple commitments to do so. They also compared this lack of transparency to the situation before the collapse of FTX and issued an open letter to the governors of U.S. states, highlighting the potential risks associated with Tether.

Meanwhile, Tether has actively responded to external doubts, hiring former Chainalysis Chief Economist Philip Gradwell in July to provide a report on USDT usage, and announced in August that it assisted law enforcement in recovering $108.8 million in USDT related to illegal activities.