Tether Appoints Simon McWilliams as CFO to Complete Financial Audit
Tether has appointed Simon McWilliams as the new Chief Financial Officer (CFO) to lead its financial audit and enhance transparency. Key points include:
- McWilliams brings over 20 years of finance experience.
- The appointment signals Tether's commitment to completing a full financial audit.
- Tether currently publishes quarterly reserve attestations but lacks a full independent audit.
- Past criticisms have questioned Tether’s reserves backing the USDT stablecoin.
- A previous inquiry by the New York Attorney General found discrepancies in Tether's claims about its reserves.
- Tether holds over $113 billion in U.S. Treasury bills and reported a $13 billion profit for 2024.
- Giancarlo Devasini, the former CFO, will become Chairman of the Group.
CEO Paolo Ardoino emphasized the focus on transparency and the significance of McWilliams' appointment.