Stablecoin issuing giant Tether has appointed Simon McWilliams as its new Chief Financial Officer in what the company describes as a "historic step" toward a full audit.
McWilliams, a finance executive with more than 20 years of audit experience at large investment management firms, has been charged to lead Tether's push for transparency and regulatory readiness.
"With the appointment of McWilliams, Tether is making a firm commitment to completing a full audit, a crucial step in raising industry standards and strengthening regulatory engagement," the company wrote in a statement.
"Simon's expertise in financial audits makes him the perfect CFO to lead Tether into this new era of transparency,” Tether CEO Paolo Ardoino added. "With his leadership, we are moving decisively toward a full audit, reinforcing our role in supporting U.S. financial strength and expanding institutional engagement."
An audit provides a comprehensive examination of financial statements and internal controls over a period of time, while an attestation involves verifying the accuracy of specific financial or non-financial information, which may not be as extensive as an audit.
Tether has long provided attestations from third-party accounting firms, offering snapshots of its reserves at specific points in time. However, certain regulators and industry figures have repeatedly criticized Tether for not undergoing a full, comprehensive and independent audit that would provide a more thorough verification of its reserves and financial health.
"While Tether has already set the benchmark for stablecoin transparency through quarterly attestations with BDO, the top five leading global independent accounting firm, a full audit will ensure greater financial integrity and verification of reserves," the firm explained on Monday.
Tether said such an audit is key to an institutional expansion strategy it has been preparing over several months, including its recent relocation to El Salvador, as it aims to strengthen the global reach of its stablecoin.
Tether is the largest stablecoin issuer, accounting for 61% of the $232.6 billion market, according to The Block's data dashboard, and claims to have over 400 million global users. Tether also holds more than $113 billion in U.S. Treasurys among its backing assets — making it the 18th largest holder, comparable with sovereign nations like South Korea, Mexico and Germany, per Treasury Department statistics.
Meanwhile, former CFO Giancarlo Devasini is transitioning to Chairman, focusing on macroeconomic strategy, having played a key role in driving Tether's expansion over the past 10 years.
"We are profoundly grateful for Giancarlo's unwavering dedication, groundbreaking innovation and inspiring leadership," Ardoino said. "His visionary approach has been pivotal in shaping Tether into the industry leader it is today."
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