Tether Prepares for Full Audit with New CFO
Date: 2025-03-05 Author: Oliver Abernathy Categories: BUSINESS
USDT stablecoin issuer Tether has announced the appointment of Simon McWilliams as its CFO. According to the company, this decision is intended to increase financial transparency and pave the way for a full audit.
Previously, Tether published quarterly reports on the state of reserves in cooperation with the audit firm BDO. However, now the company plans to conduct a full audit to confirm the volume of collateral for its stablecoin and increase user confidence.
This move is especially relevant in the context of the global growth in popularity of digital dollar assets. Recently, Tether has been actively expanding its presence in the international market, which was expressed in moving its headquarters to El Salvador and obtaining a DASP license.
CEO Paolo Ardoino emphasized that McWilliams' audit experience will be a key advantage as we move toward a new era of financial transparency.
In addition, Tether has undergone other personnel changes. Giancarlo DeVasini, who previously held the position of CFO, will now take the position of Chairman of the Board of Directors. His responsibilities will include developing macroeconomic strategy and long-term planning.
It is worth noting that at the end of January, the company reported a record net profit of $13 billion for 2024.
