McWilliams will guide Tether toward greater transparency while longtime CFO Devasini transitions to Chairman. The stablecoin issuer holds over $113 billion in US debt but faces criticism over audit practices.
By Temitope Olatunji
Edited by Marco T. Lanz
Updated
3 mins read
Tether has appointed Simon McWilliams as its new chief financial officer as the company moves toward conducting a full financial audit. According to the official announcement, McWilliams will lead efforts to enhance transparency and ensure compliance with regulatory expectations.
The company currently provides quarterly reports on its reserves through BDO, but it has yet to undergo a full independent audit. Some critics have questioned whether the company has sufficient assets to back all USDT tokens in circulation. A full audit could offer clearer insight into Tether’s financial position.
Paolo Ardoino, Tether’s CEO, stated that Simon’s background in financial reviews makes him well-suited to guide the company toward greater openness. He said:
“Simon’s expertise in financial audits makes him the perfect CFO to lead Tether into this new era of transparency. With his leadership, we are moving decisively toward a full audit, reinforcing our role in supporting US financial strength and expanding institutional engagement.”
Tether was founded in 2014 and has grown into a key player in the industry, gaining attention from major institutions and governments, including the US.
The company owns over $113 billion in US government bonds. This makes it one of the biggest holders of American debt. Tether said these holdings help keep the market stable, support the US debt system, and make the dollar more trustworthy while relying less on decisions from other economies.
Paolo posted on X, emphasizing the company’s focus on transparency and referring to tether as a once-in-a-century company. He described Simon’s appointment as a significant force in the financial world. While some praised this post, others criticized it. Jane Adams, a commentator on X with more than 60,000 followers, noted that calling Tether a “once in a century” company seemed exaggerated. She pointed out that the stablecoin company has avoided audits for years, and a new CFO doesn’t address concerns about its reserves. Jane added that Tether’s transparency claims remain unproven.
Oh, please. Tether—a "once in a century" company? They've been dodging audits for years, but now we're supposed to trust a PR stunt? Hiring a "force of nature" CFO doesn't erase questions about their reserves. Transparency? We'll believe it when we see it.
— Jane Adams (@iLoveJaneAdams) March 3, 2025
The leadership transition will also have longtime Tether CFO Giancarlo Devasini move into the role of Chairman of the Group. The company stated that in his new position, Devasini will place greater emphasis on macroeconomic strategy. He will focus on big-picture financial plans, guiding Tether’s efforts to support the US economy and expand the use of digital assets worldwide.
Ardoino thanked Giancarlo for his hard work and leadership, saying his smart ideas have played a big role in making Tether a top company in the industry. He added that Giancarlo’s ideas have helped the company grow, and they believe his insight will further drive it to greater heights.
Temitope is a writer with more than four years of experience writing across various niches. He has a special interest in the fintech and blockchain spaces and enjoy writing articles in those areas. He holds bachelor's and master's degrees in linguistics. When not writing, he trades forex and plays video games.
