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<ul class="wp-block-list news-points">
 <li>The Consumer’s Research report claims Tether lacks transparency.</li>
 <li>Tether fails to submit a full audit of its USD reserves that back the USDT stablecoin.</li>
 <li>Though Tether promised multiple times to produce the audit, it hasn’t been submitted yet.</li>
</ul>
Consumer advocacy group Consumer’s Research <a href="https://tetherwarning.com/" target="_blank" rel="noopener noreferrer nofollow">issued a warning</a> to stablecoin issuer Tether in a report released on September 12. The report alleges that Tether lacks transparency around its USD reserves, which are supposed to back its stablecoin, USDT.
The research group argues that Tether has failed to deliver a full audit of its dollar reserves from a reputable accounting firm, despite repeated promises to do so. Consumer’s Research draws a parallel between Tether’s lack of transparency and the situation that led to the collapse of FTX and its sister company Alameda Research.
<a href="https://coinedition.com/tether-and-fbi-team-up-to-recover-5-billion-in-crypto/" rel="noopener noreferrer nofollow">Read also: Tether and FBI Team Up to Recover $5 Billion in Crypto</a>
<h2 class="wp-block-heading" id="h-unfulfilled-audit-promises">Unfulfilled Audit Promises</h2>
The Consumer’s Research report highlighted Tether’s history of unfulfilled audit promises dating back to 2017. In 2018, the platform submitted a report from a law firm instead of an accounting firm, claiming that <a href="https://coinedition.com/stablecoins-hit-record-177b-market-cap-tether-leads-surge/" rel="noopener noreferrer nofollow">USDT was backed by USD</a>. T…
The post <a href="https://coinedition.com/is-your-usdt-safe-consumer-watchdog-raises-concerns-about-tether-2/" rel="noopener noreferrer nofollow">Is Your USDT Safe? Consumer Watchdog Raises Concerns About Tether</a> appeared first on <a href="https://coinedition.com" rel="noopener noreferrer nofollow">Coin Edition</a>.

Is Your USDT Safe? Consumer Watchdog Raises Concerns About Tether

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