There are many controversial crypto companies, but none are as notorious as stablecoin publisher Tether. According to watchdogs, the company is unclear about its practices, particularly with regard to its USDT stablecoin, the largest of its kind. To provide clarity, the California-based nonprofit Consumers’ Research has launched an advertising campaign costing millions.
The organization’s concerns center around Tether’s refusal to provide independent audits of its USDT collateral and its alleged use of the stablecoin by terrorists. In addition, Tether’s quarterly “attestations” are not full audits, leaving uncertainty about the collateral backing the stablecoin.
To raise awareness about its concerns, Consumers’ Research has launched a television advertising campaign worth millions, as well as a digital advertising campaign and a website. The organization is even renting digital billboards in Times Square and mobile billboards in major cities across the United States.
Despite the controversy surrounding Tether, the company is expanding its operations, having recently launched a new stablecoin linked to gold, in addition to its USDT stablecoin. The company has also established new departments to issue other types of coins. However, several crypto exchanges have removed USDT from their offerings in recent months, citing non-compliance with new European rules.