Tether has appointed Simon McWilliams as a new financial director (CFO) while the prominent stablecoin issuer goes towards the completion of a complete financial audit.
McWilliams, a financial framework with more than 20 years of experience, is expected to carry out transparency and regulatory commitment efforts from TETHER.
The appointment, according to the announcement of the company, represents a “firm commitment to complete a complete audit, a crucial step in the education of industry standards and the strengthening of regulatory engagement”.
Tether is currently publishing quarterly certificates from his reservations verified by the BDO accounting firm, but he has not yet undergone complete independent verification. The company has been faced for years with criticism surrounding its reservations, with various criticisms suggesting that the company did not have enough reserves to completely support the USDT in circulation.
In 2021, the New York Prosecutor General’s Office settled with Bitfinex during a 22 -month survey to find out if the Stock Exchange sparked a loss of $ 850 million in customer and business funds. This survey revealed that “Tether’s statements that his virtual currency was filled with US dollars at any time was a lie”.
A complete audit could provide a more detailed overview of TETHER reserves. Three and a half years ago, the general councilor of the cabinet Stuart Hoegner declared in an interview that an audit was only “for months, not years”.
The Stablecoin giant holds more than $ 113 billion in US cash bills, making it one of the greatest holders of the US government debt, and said a profit of $ 13 billion for 2024. The company declared that these assets contributed to global liquidity and access to support for the US dollar, in particular on emerging markets.
“The whole is once a century. And we are focused on the laser on transparency, doubling our efforts for a full audit, “said CEO of Tether, Paolo Ardoino, on social networks. “Simon rental is massive, really a force of nature in the financial world.”
As part of the management quarter, Giancarlo Devasini, the longtime financial director of Tether, will go to the group’s president.
