Tether, the pioneer stablecoin issuer behind USDT, has announced the appointment of Simon McWilliams as its new Chief Financial Officer (CFO). This indicates that Tether is committed to maintain transparency and regulatory compliance as the company moves ahead with a detailed financial audit.
McWilliams, with his immense experience in guiding major investment management firms through audits, is set to lead Tether in its pursuit of enhanced transparency and increase regulatory engagement.
Tether’s CEO, Paolo Ardoino, expressed confidence in McWilliams ability to steer the company into a new era of openness, reinforcing its role in boosting U.S. financial strength and developing deeper institutional ties.
While Tether has already established a benchmark for stablecoin transparency through its quarterly attestation conducted by BDO, a top global independent accounting firm, the forthcoming audit will be a great step moving forward.
This detailed examination or the audit will ensure greater financial integrity and meticulous verification of thereserves, building trust and accountability.
Current CFO to Become the Chairman of Tether
As a part of Tether’s financial changes, its founder Giancarlo Devasini will step down as the CFO and become company’s Chairman. He will be focusing on the big-picture economic strategy, helping Tether support the US financial system and promote digital assets worldwide.
Interestingly, Tether holds over $113 billion in US Treasury bills, making it the 18th largest holder of US government debt, ahead of countries like Germany and the UAE. Tether claims its holdings add crucial liquidity and stability to the US debt market, boosting global trust in the dollar.
The company sees itself as a vital link, providing access to the US dollar for over 400 million users worldwide, especially in the emerging markets.
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