Tether Appoints New CFO, Pledges Full Audit Amid Transparency Concerns

Tether, the issuer of the world's largest stablecoin, USDT, has pledged to complete a full audit following the appointment of Simon McWilliams as its new Chief Financial Officer (CFO). The company, which has faced ongoing questions about its transparency, described McWilliams as a seasoned finance executive with over two decades of experience guiding major investment firms through stringent audits.

In a statement released on March 3, Tether emphasized that McWilliams' appointment signals a strategic move to enhance regulatory compliance and improve industry standards. The company's CEO, Paolo Ardoino, stated that McWilliams' expertise in financial audits makes him the ideal candidate to drive Tether's push for greater transparency. Ardoino also mentioned that McWilliams' leadership would help move the company decisively toward a full audit, reinforcing its role in supporting US financial strength and expanding institutional engagement.

Alongside McWilliams' appointment, Tether announced a leadership transition. Giancarlo Devasini, who previously served as CFO, will take on the role of Chairman of the Group. In this position, Devasini will focus on macroeconomic strategy, ensuring Tether continues to support the US financial system while driving the global adoption of digital assets.

A full audit would provide investors with a clearer understanding of Tether's reserve holdings. Although the company has consistently released quarterly attestations verified by accounting firm BDO, it has yet to complete an independent, comprehensive audit. This lack of transparency has fueled ongoing skepticism about whether Tether's reserves fully back all USDT tokens in circulation.

Despite the company's assurances that its stablecoin remains fully backed, critics argue that a formal audit is necessary to confirm its financial standing and assess potential risks. A 2024 US House of Representatives candidate, Jane Adams, voiced skepticism about Tether's move. She criticized the company for evading audits in the past and questioned whether hiring a CFO would resolve concerns about its reserves.

Tether's Ardoino has persistently asserted that Tether has done its best to be as transparent as it can, stating that many top US accounting firms refuse to do business with Tether, limiting options. However, the company's commitment to a full audit signals a significant step toward addressing these concerns and rebuilding trust with investors and regulators.