In recent developments, Consumers' Research, a US-based consumer protection organization, published a report highlighting concerns over the reserve transparency of Tether, a stablecoin issuer. The group points out that despite Tether’s repeated assurances to undergo a comprehensive audit by well-known auditing firms, this has not yet materialized. This situation has raised similar risk concerns as those seen prior to the collapse of FTX, a cryptocurrency exchange. To further emphasize the potential risks associated with Tether, Consumers' Research sent open letters to state governors. In response to these criticisms, Tether has taken proactive measures. In July, Tether hired Philip Gradwell, the former Chief Economist at Chainalysis, to provide reports on the usage of USDT. Additionally, in August, Tether announced its cooperation with law enforcement agencies in tracing and recovering $108.8 million worth of USDT linked to illegal activities, showcasing its commitment to maintaining market order.