Charity criticizes Tether with multi-million dollar ad campaign
Consumer Protection, a California charity, has launched a multi-million dollar advertising campaign using television spots, billboards and other media to call attention to Tether's stablecoin trading practices.
At the center of Consumer Protection's “Seven Figures” campaign is a 30-second TV spot titled, “Is Tether the Next FTX?” he asks. and Tether (USDT) as the “go-to cryptocurrency for the world's worst.” The comparison with FTX is due to the lack of tether concentration audit.
The nonprofit also funds digital billboards in New York City's Times Square and mobile billboards in New York and Washington, D.C.
The (selected) truth about Tether
The Consumer Protection has created a website with examples and links to examples. Judging by the material so far, consumer protection claims are supported only by easily verifiable secondary sources.
Related: Cantor Fitzgerald chief on Tether stock: ‘They have the money'
The Consumer Protection Campaign tacitly acknowledges the role that stablecoins play in public life. Executive Director Will Heald said in a statement:
“Consumers should be tired [sic] Any so-called stable coin that refuses to actually prove that they have staked their claim.
According to a study cited by Bloomberg in May, corporate interest in stablecoins is growing rapidly, with less than 10% of transactions being used by “real people”.
Tether already has problems
But Tether is entering the consumer market. For example, a mobile app targeted at Telegram users was launched in May. PayPayPayPal USD (PYUSD), which launched in August, is also aimed at consumers.
Tether may have bigger challenges coming from regulation. Emerging markets from Europe are already delisting or considering delisting USDT in the Crypto-Assets Act.
Founded in 1929, Consumer Protection is a 501(c)(3) nonprofit educational organization under the United States tax code. The organization is mainly supported by religious and conservative groups. The firm's other campaigns include a “fight against ESG” and a reporting form for consumers on corporate “vigilance”.
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