Tether has made a significant move towards enhancing its financial governance by appointing Simon McWilliams as its new Chief Financial Officer (CFO). This transition comes as the leading stablecoin issuer gears up to complete a comprehensive financial audit, marking a pivotal step in its commitment to transparency.
With over 20 years of experience in finance, McWilliams is positioned to lead Tether’s initiatives aimed at bolstering transparency and engaging proactively with regulatory bodies. According to Tether’s official announcement, this appointment signifies Tether’s “firm commitment to completing a full audit, a crucial step in raising industry standards and strengthening regulatory engagement.”
Currently, Tether publishes quarterly attestations of its reserves, which are verified by accounting firm BDO; however, the company has not yet undergone a full independent audit. This has led to ongoing scrutiny, with various critics questioning whether Tether’s reserves sufficiently back the USDT in circulation.
Previously, the New York Attorney General’s office concluded a two-year investigation concerning Bitfinex, revealing discrepancies related to $850 million in funds. The inquiry criticized Tether’s assertions that its virtual currency was fully backed by U.S. dollars at all times, labeling these claims as misleading.
A full audit, now led by McWilliams, may deliver greater insight into Tether’s reserve holdings, an essential move toward providing clarity in a sector often characterized by uncertainty. Three and a half years ago, Tether’s General Counsel Stuart Hoegner suggested that an audit was just “months, not years” away.
Notably, Tether maintains over $113 billion in U.S. Treasury bills, positioning it as one of the largest holders of U.S. government debt. The company recently reported a profit of $13 billion for 2024, asserting that these substantial holdings support global liquidity and enhance access to the U.S. dollar in emerging markets.
“Tether is once in a century company. And we’re laser-focused on transparency, doubling down our efforts for a full audit,” stated Tether’s CEO, Paolo Ardoino, on social media. He referred to McWilliams as “a massive force of nature in the financial world.”
As part of this leadership transition, Giancarlo Devasini, Tether’s long-serving CFO, will be moving into the role of Chairman of the Group, ensuring that the company continues to build upon its legacy while striving for greater financial integrity.
