Tether targets ‘full financial audit’, hires Simon McWilliams as CFO

Tether has hired a chief financial officer to address lingering audit concerns.

Tether, operator of the largest stablecoin token (USDT), announced that Simon McWilliams will take on the role, aiming to drive the company toward a full financial audit. The move could address ongoing scrutiny over Tether’s operations, particularly regarding the absence of a comprehensive audit.

Following the 2022 crypto market collapse, users and institutional investors sought greater transparency. Exchanges responded by publishing proof-of-reserves reports to confirm they held matching deposits, ideally with a surplus of assets.

Tether followed suit, introducing quarterly attestations conducted by BDO Italy, an independent consulting firm. However, some users remained skeptical, demanding a full financial audit rather than attestations.

“Simon’s expertise in financial audits makes him the perfect CFO to lead Tether into this new era of transparency,” Paolo Ardoino, Tether’s CEO, said in a Monday, March 3 statement. McWilliams will succeed Giancarlo Devasini as CFO, while Devasini moved to his new role as chairman of the Tether Group.

Key staff changes came as U.S. stablecoin laws gained momentum in Congress. Republican Representative Bryan Steil introduced the STABLE Act in the House, as a natural counterpart for Senator Bill Hagerty’s GENIUS Act.

Meanwhile, Wyoming Senator Cynthia Lummis, chair of the first Senate Banking Subcommittee on Digital Assets, emphasized that lawmakers would prioritize stablecoin regulations before addressing broader crypto market structure bills.

Circle CEO Jeremy Allaire has advocated for U.S. dollar stablecoin issuers to register domestically, arguing it would better protect consumers. However, speculation has grown that new regulatory requirements could effectively block offshore issuers like Tether from accessing U.S. Treasury markets. Critics claim this could give Circle an unfair advantage, fueling accusations of regulatory capture.

Ardoino’s post shortly before Allaire’s statement upped the social media ante. Per Tether CEO, stablecoin rivals attempted to “Kill Tether” and undermine the “best ally to the US Dollar hegemony.” USDT remains the largest stablecoin, with a market capitalization of $142 billion, backed by approximately $115 billion in U.S. Treasury bills—more than Circle and all other dollar-pegged stablecoins combined.