**News Flash: Consumer Group Raises Concerns Over Tether's Transparency**

Consumers' Research, a consumer protection group, released a report on September 12 criticizing stablecoin issuer Tether for its lack of transparency regarding its US dollar reserves. The group claims Tether has not provided a full audit from a reputable accounting firm, despite multiple promises.

The report draws parallels to the collapse of FTX and Alameda Research, suggesting similar transparency issues. An open letter was sent to all US state governors, and the group launched radio ads and a dedicated website to highlight their concerns.

In response, Tether has taken steps to reassure the public. Howard Lutnick, CEO of Cantor Fitzgerald, vouched for Tether's cash reserves in January. Additionally, Tether hired former Chainalysis chief economist Philip Gradwell in July to produce USDT usage reports for regulators and investors.

Tether CEO Paolo Ardoini announced in August that the firm has helped law enforcement recover $108.8 million in illicit USDT since 2014. Recently, Tether partnered with Tron to launch the T3 Financial Crime Unit, aiming to identify and freeze illegal USDT transactions on the Tron network.