Tether, the stablecoin issuer, has recently appointed Simon McWilliams as its new Chief Financial Officer (CFO) and has pledged to conduct a “full audit” to reinforce its commitment to transparency.
In a statement released on March 3, Tether highlighted McWilliams’ extensive experience in guiding major investment firms through rigorous audits, positioning him as the ideal candidate to drive the company’s push for greater transparency and regulatory compliance.
Tether’s CEO, Paolo Ardoino, expressed his confidence in McWilliams’ ability to lead the company towards a full audit, emphasizing the importance of reinforcing Tether’s role in supporting the strength of the US financial system and expanding institutional engagement.
As part of the leadership transition, Giancarlo Devasini, the former CFO, will now serve as the Chairman of the Group, focusing on macroeconomic strategy and driving the global adoption of digital assets.
Tether’s Commitment to Full Audit
A full audit of Tether’s reserve holdings would provide investors with a clearer understanding of the stablecoin’s financial standing.
While Tether has consistently released quarterly attestations verified by accounting firm BDO, it has yet to complete an independent and comprehensive audit, leading to ongoing skepticism regarding the full backing of its USDT tokens in circulation.
Critics argue that a formal audit is necessary to confirm Tether’s financial stability and assess potential risks. Jane Adams, a candidate for the US House of Representatives in 2024, expressed skepticism about Tether’s move, questioning whether hiring a CFO would address concerns about its reserves.
Tether’s Ardoino has defended the company’s transparency efforts, stating that many top US accounting firms refuse to work with Tether, limiting their options.
