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Business

Tether Alleviates Audit Concerns By Appointing New CFO

Tether has appointed Simon McWilliams as its new Chief Financial Officer (CFO), signaling a push for greater transparency amid regulatory scrutiny.

Haider Jamal
March 5, 2025

Enhancing Trust

With over 20 years of financial management experience, McWilliams is expected to lead Tether through a full audit of its reserves, enhancing trust with both users as well as regulators.

Source: Paolo Ardoino

CEO Paolo Ardoino emphasized McWilliams’ expertise in financial audits, which will help Tether strengthen its position in the $232 billion stablecoin market and support U.S. financial stability.

Addressing Transparency Concerns

McWilliams takes over from Giancarlo Devasini, who will now serve as Chairman and focus on Tether’s macroeconomic strategy. Under Devasini, Tether faced criticism for lacking a full audit, relying on quarterly attestation reports from BDO since 2022.

This absence of transparency has sparked skepticism, especially following a 2021 settlement with the New York Attorney General over USDT’s backing.

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Haider Jamal

Content Strategist

Haider is a fintech enthusiast and Content Strategist at CryptoWeekly with over four years in the Crypto & Blockchain industry. He began his writing journey with a blog after graduating from Monash University Malaysia. Passionate about storytelling and content creation, he blends creativity with insight. Haider is driven to grow professionally while always seeking the next big idea.