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Simon McWilliams has been named the new Chief Financial Officer (CFO) of Tether, the company that issues the popular USDT stablecoin. The seasoned finance professional enters the position with the primary goal of guiding Tether toward a comprehensive audit while reaffirming its dedication to openness and legal compliance.
In a press announcement, the business noted that McWilliams will “spearhead Tether’s further commitment to transparency and regulatory readiness.” This action was taken in response to growing scrutiny of stablecoin issuers, particularly in areas where legislation are changing.
Tether has long published quarterly attestation reports in collaboration with accounting giant BDO. However, the company now aims to complete a full audit, ensuring “greater financial integrity and verification of reserves.” While no specific timeline was provided, this step could address concerns about the stablecoin issuer’s financial disclosures.
Regulatory pressure has intensified for Tether, particularly in the European Union. The company failed to meet compliance requirements under the EU’s Markets in Crypto Assets (MiCA) regulations, leading to USDT’s delisting from several European crypto exchanges. MiCA enforces strict guidelines for stablecoin issuers, requiring them to maintain sufficient liquid reserves and adhere to measures that curb financial crimes such as money laundering and market manipulation.
McWilliams replaces Giancarlo Devasini, Tether’s former CFO, who now takes on the role of “Chairman of the Group.” With McWilliams at the financial helm, Tether aims to bolster trust in its reserves and navigate the evolving global regulatory landscape.
As the largest stablecoin issuer, Tether remains a key player in the crypto industry. The upcoming audit and leadership shift could shape its future amid growing regulatory scrutiny.