- Tether has appointed a new Chief Financial Officer (CFO), who it says will help increase transparency regarding the firm’s holdings
- The company has committed to completing a full financial audit, something that has never been conducted
- Former CFO Giancarlo Devasini will transition to Chairman of the Group
In a strategic move to bolster transparency and regulatory compliance, Tether, the leading stablecoin issuer, has appointed Simon McWilliams as its new CFO. This appointment aligns with Tether’s commitment to undergo a comprehensive financial audit, addressing longstanding calls for greater transparency. This will take the form of a “full audit” in order to reassure regulators of its holdings, something the crypto world has been demanding for years.
Tether Finally Walking the Audit Trail
Tether announced the appointment of McWilliams on Monday, noting his two decades of experience in leading investment management firms through rigorous audits. McWilliams’s experience will be crucial in steering Tether toward completing a full financial audit, something that will be essential if the company is to gain clearance to operate in the U.S.
In a press release issued over the new appointment, Tether asserted its appointment:
With the appointment of McWilliams, Tether is making a firm commitment to completing a full audit, a crucial step in raising industry standards and strengthening regulatory engagement. While Tether has already set the benchmark for stablecoin transparency through quarterly attestations with BDO, the top five leading global independent accounting firm, a full audit will ensure greater financial integrity and verification of reserves.
Paolo Ardoino, Tether’s CEO, added, “Simon’s expertise in financial audits makes him the perfect CFO to lead Tether into this new era of transparency.”
Former CFO to Take New Role
Tether has faced criticism for not conducting a full independent audit of its reserves ever since rising to prominence in 2017, leading to concerns about the backing of its USDT stablecoin. Consumer advocacy groups have highlighted the absence of comprehensive audits, suggesting that this lack of transparency could pose risks to the crypto industry. A report by Consumer Warning noted, “Tether continually waves a bold red flag with its refusal to be independently audited or to audit itself properly.”
Tether’s move comes amid increasing scrutiny of stablecoin issuers and their role in the broader financial system, including by U.S. lawmakers, which led to the company reassuring the ecosystem that it would be “straightforward” for it to comply with incoming U.S. regulations.
As Chairman, former CFO Giancarlo Devasini will focus on macroeconomic strategy, guiding Tether’s support for the U.S. financial system and advancing global digital asset adoption. Tether’s recent relocation to El Salvador, following the acquisition of a Digital Asset Service Provider license, underscores its commitment to regulatory compliance and operational restructuring.
