Tether Appoints New CFO, Pushing for Full Audit Amid Transparency Concerns

Tether, the leading issuer of stablecoins, has appointed Simon McWilliams as its new Chief Financial Officer (CFO). This move comes as the company is pushing for a full financial audit, a significant step towards enhancing transparency and strengthening regulatory engagement.

McWilliams, a seasoned finance executive with over two decades of experience, will lead Tether's transparency and regulatory engagement efforts. The appointment underscores the company's commitment to completing a full audit, a crucial step in raising industry standards.

Currently, Tether publishes quarterly attestations of its reserves, verified by accounting firm BDO. However, the company has not yet undergone a full independent audit. This lack of a comprehensive audit has led to criticism surrounding Tether's reserves, with some suggesting that the firm does not have enough reserves to fully back the USDT in circulation.

In 2021, the New York Attorney General's office settled with Bitfinex, Tether's sister company, over a 22-month inquiry into whether the exchange covered up a loss of $850 million in customer and corporate funds. The inquiry found that Tether's claims that its virtual currency was fully backed by U.S. dollars at all times were false.