Simon McWilliams Takes Over as CFO
Tether has appointed Simon McWilliams as its new Chief Financial Officer (CFO), marking a significant step toward improving transparency and regulatory compliance. With over 20 years of experience in financial management and auditing, McWilliams will spearhead Tether’s efforts to provide a full financial audit—a move the company hopes will strengthen trust in its $232 billion stablecoin market.
In a strategic reshuffle, former CFO Giancarlo Devasini has moved into the Chairman role, where he will focus on expanding Tether’s presence in the U.S. financial system and driving global adoption of digital assets.
Addressing Longstanding Transparency Concerns
Tether has long faced scrutiny regarding the legitimacy of its reserves. Until now, the company has only provided quarterly attestations from accounting firm BDO, which critics argue lack the depth of a full audit. In 2021, a settlement with the New York Attorney General’s office revealed that Tether had misrepresented its reserves, fueling skepticism about whether USDT is truly backed 1:1 with the U.S. dollar.
Despite these challenges, Tether claims that 82.35% of its reserves are held in cash, cash equivalents, and short-term deposits, with nearly 80% invested in U.S. Treasury bills.
Relocating to El Salvador for Regulatory Stability
To solidify its regulatory position, Tether recently moved its headquarters to El Salvador, where it is pursuing a Digital Asset Service Provider (DASP) license. The relocation is part of a broader effort to align with institutional investors and strengthen its operational foundation.
With McWilliams at the helm, Tether aims to finalize a comprehensive financial audit, restore confidence, and position itself as a leader in the evolving stablecoin market.
