- Tether appoints Simon McWilliams as CFO to lead its full independent audit.
- BDO audits Tether’s reserves quarterly, publishing reports to ensure transparency.
- Longtime CFO Giancarlo Devasini becomes Tether’s Chairman with new responsibilities.
Tether, a leading stablecoin issuer and the company behind USDT, has made a significant announcement. The firm has appointed Simon McWilliams as its new Chief Financial Officer (CFO), succeeding Giancarlo Devasini, who is transitioning to Chairman. This transition aligns with Tether’s objective of completing a full independent audit.
Tether has yet to undergo a fully independent financial audit, despite its commitment to transparency through quarterly attestations verified by a leading accounting firm, BDO. This audit aims to address long-standing concerns about its reserves and set a new industry standard for transparency.
McWilliams, a financial executive with over 20 years of experience, will oversee Tether’s efforts to complete a full independent audit. This move is part of the firm’s global expansion, following its relocation to El Salvador after securing a Digital Asset Service Provider (DASP) license and a stablecoin issuer permit from El Salvador’s National Commission of Digital Assets. Paolo Ardoino, CEO of Tether, stated,
With his leadership, we are moving decisively toward a full audit, reinforcing our role in supporting U.S. financial strength and expanding institutional engagement.
As part of this strategic shift, Giancarlo Devasini, a longtime CFO who has played a key role in shaping Tether, will transition to Chairman. As Chairman, Devasini will leverage his strategic insight to help Tether enhance transparency and promote digital asset adoption. Tether CEO Paolo Ardoino stated,
We are profoundly grateful for Giancarlo’s unwavering dedication, groundbreaking innovation, and inspiring leadership. His visionary approach has been pivotal in shaping Tether into the industry leader it is today.
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Tether’s appointment of Simon McWilliams as CFO and the transition of Giancarlo Devasini to Chairman mark a pivotal moment in the company’s journey toward greater transparency and regulatory alignment. By committing to a full audit and global expansion, Tether aims to lead the stablecoin industry while tackling concerns about its reserves.
