Tether Appoints New CFO as It Moves Toward Full Audit

Tether, the issuer of USD₮, has appointed Simon McWilliams as its new Chief Financial Officer (CFO). 

With over 20 years of experience in investment management and audits, McWilliams will oversee financial operations as the company works toward completing a full audit, reinforcing its commitment to transparency and regulatory compliance.

Advancing Financial Transparency

Tether has previously provided quarterly attestations of its reserves through global accounting firm BDO. 

A full audit would offer a more comprehensive verification of its financial position, with McWilliams playing a key role in this effort.

“Simon’s expertise in financial audits makes him the perfect CFO to lead Tether into this new era of transparency,” said Paolo Ardoino, CEO of Tether.

As part of its broader strategy, Tether recently relocated to El Salvador after obtaining a Digital Asset Service Provider (DASP) license, furthering its regulatory and operational restructuring.

Tether’s Role in Financial Markets

Since its founding in 2014, Tether has become a significant player in the stablecoin market, which is now valued at over $220 billion. 

The company holds approximately $113 billion in U.S. Treasury securities, ranking among the largest global holders. 

Its stablecoins are used by millions worldwide, particularly in regions with limited access to traditional banking.

Leadership Transition

Tether also announced that Giancarlo Devasini, its former CFO, will transition to Chairman of the Group, shifting his focus to macroeconomic strategy and long-term growth.

“We are profoundly grateful for Giancarlo’s unwavering dedication,” Ardoino said. 

“His visionary approach has been pivotal in shaping Tether into the industry leader it is today.”

These leadership changes and the pursuit of a full audit reflect Tether’s evolving approach to transparency and regulatory engagement.