Tether has appointed Simon McWilliams as his new Financial Director (CFO) as the main stablecoin issuer advances towards the completion of a complete financial audit.
McWilliams, a finance executive with more than 20 years of experience, will lead Tether’s transparency and regulatory participation efforts.
The appointment, according to the company’s announcement, represents a “firm commitment to complete a complete audit, a crucial step to raise industry standards and strengthening regulatory participation.”
Currently, Tether publishes quarterly certifications of his reserves verified by the BDO accounting firm, but has not yet suffered a complete independent audit. The company has faced critical years around its reservations, and several critics suggest that the company did not have enough reservations to completely support the USDT in circulation.
In 2021, the New York Attorney Office was established with Bitfinex in a 22 -month consultation on whether the exchange covered a loss of $ 850 million in client and corporate funds. That investigation found that “Tether’s claims that his virtual currency was full of support for US dollars at all times was a lie.”
A full audit could provide a more detailed vision of Tether’s reserves. Three and a half years ago, the general advisor of the firm, Stuart Hoegner, said in an interview that an audit was only “months, no years” away.
The Stablecoin giant has more than $ 113 billion in Treasury invoices of the United States, which makes it one of the largest debt holders in the United States government, and reported a gain of $ 13 billion by 2024. The company said that these holdings contribute to global liquidity and access to access to the US dollar, particularly in emerging markets.
“Tether is once in a century of company. And we are focused on transparency, doubling our efforts for full audit, ”said the CEO of Tether, Paolo Ardoino, on social networks. “Simon’s hiring is massive, truly a force of nature in the financial world.”
As part of the leadership change, Giancarlo Devasini, the CFO of Tether for a long time, will make the transition to the president of the group.
