Tether Promises ‘Full Audit’ with New CFO Appointment

The company behind the USDT stablecoin, Tether, announced that the appointment of Simon McWilliams as CFO marks a significant step towards conducting a full financial audit.

According to the press release, the issuer previously published quarterly attestations of reserves in collaboration with BDO. However, a full audit will provide additional assurance of financial integrity and accurate confirmation of the stablecoin’s backing.

This move is particularly important in the context of Tether’s global expansion. Amid increasing demand for digital dollar assets, the company recently relocated its headquarters to El Salvador and obtained a DASP license.

“McWilliams’ experience in financial auditing makes him the ideal CFO to lead Tether into a new era of transparency,” stated the firm’s CEO, Paolo Ardoino.

Simultaneously, Tether announced that Giancarlo Devasini, who previously held the CFO position, will transition to the role of chairman of the board. He will focus on developing the company’s macroeconomic strategy and long-term plans.

Back in January 31, the issuer reported a record $13 billion net profit for the year 2024.