The American consumer protection organization, Consumers' Research, released a report on September 12th warning about the lack of transparency in stablecoin issuer Tether's USD reserves. The organization pointed out that despite Tether's repeated promises to audit its USDT reserves, it has yet to provide a full audit conducted by a reputable accounting firm. The report's authors believe this lack of transparency mirrors the circumstances that led to the collapse of FTX and Alameda Research. They also issued an open letter to US state governors highlighting the potential risks of Tether.

Meanwhile, Tether has actively responded to external questions. In July, they hired Philip Gradwell, former Chief Economist at Chainalysis, to provide a report on USDT usage. In August, they announced their assistance in helping law enforcement recover $108.8 million in USDT linked to illegal activities. In the first half of September, Tether also announced a partnership with Tron to establish a financial crime unit. (Cointelegraph)