Tether Holdings, the issuer of the world’s largest stablecoin, has appointed Simon McWilliams as its new Chief Financial Officer (CFO) as part of its efforts to enhance transparency and regulatory compliance.
The company announced the leadership change on Monday, highlighting that McWilliams’ extensive financial experience would be instrumental in its commitment to a full financial audit.
McWilliams, a finance executive with over two decades of experience, is expected to lead Tether’s transparency initiatives and regulatory engagements.
Tether Moves Toward Full Financial Audit
Tether described his appointment as a “historic step toward a full financial audit,” a process that has long been called for by industry observers and regulators.
Tether CEO Paolo Ardoino expressed confidence in McWilliams, stating that his expertise in financial audits makes him well-positioned to guide the company into a new era of openness.
Currently, Tether publishes quarterly attestations of its reserves through the accounting firm BDO but has not yet undergone a comprehensive independent audit.
The process has been a point of criticism for years, with skeptics questioning whether the company holds sufficient reserves to fully back its USDT stablecoin, which now boasts a market capitalization of approximately $142 billion.
Regulatory Scrutiny Intensifies as Tether Works to Boost Investor Confidence
The leadership transition will also see former CFO Giancarlo Devasini move into the role of chairman. In his new position, Devasini will focus on macroeconomic strategy, helping Tether expand its presence within the US financial system.
Tether has faced scrutiny over its financial disclosures, particularly following a 2021 settlement with the New York Attorney General (NYAG), which found that the company had misrepresented its reserves.
According to its latest attestation report, Tether recorded over $13 billion in net profits for 2024, with an all-time high of $113 billion in direct and indirect U.S. Treasury holdings.
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