Consumer Protection Questions Tether's Credibility in Aggressive 'Seven Figures' Campaign
Summary:
The "Seven Figures" campaign by Consumers’ Protection questions the credibility of Tether (USDT), labeling it as the worst global cryptocurrency due to its unverified financial reserves. The campaign includes a 30-second TV advert, digital and mobile billboards, and a website referring to negative reviews about Tether. Despite the growing corporate interest in stablecoins, Tether's key challenge could come from regulatory bodies, as certain cryptocurrency exchanges consider de-listing USDT, anticipating Europe's new Markets in Crypto-Assets (MiCA) legislation.
The "Seven Figures" initiative by Consumers’ Protection features a 30-second TV advert questioning if Tether is the future FTX, given its unverified financial reserves. This campaign labels Tether (USDT) as the worst global cryptocurrency and plans to fund digital and mobile billboards in New York City and Washington, DC.
In its pursuit for transparency, Consumers' Protection has set up a website containing graphic images and references to unfavorable reviews about Tether in both mainstream media and cryptocurrency journals. These claims are supported by easily verifiable secondary sources.
The campaign also subtly hints at the expanding influence of stablecoin in the public's daily life. "Consumers should be cautious of any so-called stablecoin that does not validate its claim of possessing the assets it affirms to have," warns the executive director of Consumers' Protection, Will Hild.
Despite growing corporate interest, research reveals that less than 10% of stable coin transactions are made by actual individuals. Even so, Tether is striving to gain traction in the consumer market with the recent launch of a mobile app. Similarly, PayPal USD (PYUSD) introduced in August also aims at attracting consumers.
The major hurdles for Tether might arise from regulatory bodies. Several cryptocurrency exchanges are contemplating de-listing USDT in anticipation of Europe's new Markets in Crypto-Assets (MiCA) legislation.
Consumers' Protection is a charitable educational organization founded in 1929. Predominantly supported by conservative and religious entities, it carries out several campaigns like the "Fight against ESG" and a reporting system for consumers who notice corporate "woke" behaviors.
Published At
6/20/2024 10:23:40 PM
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