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Tether is taking significant steps towards a comprehensive financial audit by appointing Simon McWilliams as the new Chief Financial Officer. With over 20 years of experience, McWilliams is expected to enhance the company’s transparency and regulatory relationships.
Management and Strategic Changes
This appointment symbolizes a transformation within the company, highlighted by the transition of former CFO Giancarlo Devasini to the group presidency. McWilliams will guide Tether’s financial audit efforts and play a critical role in implementing new strategic initiatives.
Financial Transparency and Audit Process
Tether is committing to expanding its audit process, ensuring that its reserves undergo a fully independent review. Currently, the company publishes reserve statements validated by BDO every three months, but a comprehensive audit has yet to be completed.
In the past, criticisms regarding the reserves and inadequate evaluations have arisen, especially following a 2021 investigation by the New York Attorney General related to Bitfinex, raising questions about the accuracy of the company’s claims. Previous statements indicated that a full audit would begin within months.
Moreover, reports indicate that Tether’s portfolio of U.S. Treasury bonds has surpassed $113 billion, with an announced profit of $13 billion for 2024. These figures are said to contribute to global liquidity and support dollar access in emerging markets.
Paolo Ardoino stated that Tether is prioritizing transparency in the century and showing determination regarding the full audit. McWilliams’ appointment is viewed as a significant step in the financial world.
The appointment is expected to accelerate the financial audit process and introduce anticipated innovations in corporate governance, potentially strengthening trust in the market. The completion of audit activities could allow for a detailed presentation of reserve data.
