Tether, a major stablecoin issuer, has appointed Simon McWilliams as its new Chief Financial Officer. This move is seen as a significant step towards achieving a full audit of the company.
McWilliams has over 20 years of experience in finance and auditing at large investment firms. His role will focus on enhancing Tether’s transparency and preparing for regulatory requirements.
Tether stated that McWilliams’ appointment shows their commitment to completing a full audit. This audit is important for raising industry standards and improving regulatory engagement.
Tether’s CEO, Paolo Ardoino, emphasized that McWilliams’ expertise makes him the right choice to lead the company into a new era of transparency. He believes that with McWilliams at the helm, Tether will make significant progress towards a full audit, which will strengthen its role in supporting U.S. financial stability and increasing institutional involvement.
An audit is a detailed examination of financial statements and internal controls over time. In contrast, an attestation verifies the accuracy of specific financial information but may not be as thorough. Tether has previously provided attestations from third-party accounting firms, which offer limited snapshots of its reserves.
However, some regulators and industry experts have criticized Tether for not undergoing a full, independent audit. They argue that a comprehensive audit would provide a better verification of Tether’s reserves and overall financial health.
