According to ChainCatcher, the US consumer protection organization Consumers' Research released a report on September 12, warning that stablecoin issuer Tether has problems with the transparency of its US dollar reserves. The organization pointed out that Tether has not yet provided a complete audit conducted by a well-known accounting firm, despite repeated promises to do so. They also compared this lack of transparency with the situation before FTX collapsed, and issued an open letter to US state governors, emphasizing the potential risks of Tether.
At the same time, Tether actively responded to external doubts. In July this year, it hired former Chainalysis chief economist Philip Gradwell to provide a report on the use of USDT, and announced in August that it would assist law enforcement agencies in recovering $108.8 million in USDT related to illegal activities.
