Tether Appoints Simon McWilliams as New CFO Amid Audit Goals
Tether, the preeminent issuer of stablecoins, has announced the appointment of Simon McWilliams as its new Chief Financial Officer (CFO). This strategic move comes as Tether aims to finalize a comprehensive financial audit, a significant step towards enhancing its transparency and regulatory compliance.
McWilliams brings over 20 years of financial expertise to the role and is expected to spearhead Tether’s initiatives to bolster transparency and engage with regulators more effectively. According to the company’s official announcement, this appointment signifies a strong commitment to completing a full audit, which is deemed essential for elevating industry standards and reinforcing regulatory interactions.
Currently, Tether publishes quarterly attestations regarding its reserves, verified by the accounting firm BDO. However, the company has yet to undergo a full independent audit. Over the years, Tether has faced scrutiny and criticism concerning its reserves, with various critics questioning whether the company possesses enough assets to fully back the USDT tokens in circulation.
In a notable incident back in 2021, the New York Attorney General’s office reached a settlement with Bitfinex following a 22-month investigation into allegations that the exchange concealed an $850 million loss of customer and corporate funds. This inquiry concluded that “Tether’s assertions that its virtual currency was fully backed by U.S. dollars at all times was a misrepresentation.”
A comprehensive audit could yield more granular insights into Tether’s reserves. Three and a half years ago, Stuart Hoegner, Tether’s General Counsel, indicated in an interview that an audit was merely “months, not years” away, setting high expectations for stakeholders.
Currently, Tether holds more than $113 billion in U.S. Treasury bills, positioning it as one of the largest holders of U.S. government debt. The company also reported an impressive $13 billion profit for 2024. Tether contends that its substantial holdings play a crucial role in global liquidity, facilitating access to the U.S. dollar, particularly in emerging markets.
“Tether is a once-in-a-century company. We are laser-focused on transparency and are intensifying our efforts towards a full audit,” stated Tether’s CEO Paolo Ardoino on social media. “Simon’s appointment is monumental; he is truly a force of nature in the financial realm.”
In conjunction with this leadership transition, Giancarlo Devasini, Tether’s longtime CFO, will step into the role of Chairman of the Group, further solidifying the company’s commitment to growth and accountability.
