Tether Appoints New CFO, a Big Step Toward Transparent Financial Audits!

Jakarta, Pintu News—To increase financial transparency, Tether, the company behind the leading stablecoin USDT, recently appointed Simon McWilliams as its new Chief Financial Officer (CFO).

The initiative aims to address ongoing concerns about audits and strengthen public trust in companies.

Check out the full news below!

New Strategy to Increase Transparency

Simon McWilliams takes over the position previously held by Giancarlo Devasini, who is now Tether Group’s chairman. With McWilliams’ extensive experience in financial auditing, Tether CEO, Paolo Ardoino, is confident that the new leadership will lead the company into an era of greater financial transparency.

Since the crypto market downturn in 2022, users and institutional investors have been demanding higher transparency from crypto operators. Although Tether has started publishing quarterly reports by BDO Italy, there is still a demand for more detailed and thorough audits.

Also read: Reassure Users, MetaMask Never Releases Official Tokens!

Stablecoin Regulation in the US and Its Impact Globally

In the United States, regulation of stablecoins is gaining attention in Congress. Bryan Steil, a Republican member of the House of Representatives, has introduced the STABLE Act bill, which is a companion to the GENIUS Act proposed by Senator Bill Hagerty.

Senator Cynthia Lummis, who leads the Senate Subcommittee on Digital Assets, confirmed that stablecoin regulation will be a priority. Circle CEO Jeremy Allaire has called for US dollar-based stablecoin issuers to register their operations domestically to provide better consumer protection.

However, there are concerns that the new regulations could restrict international issuers like Tether from accessing the US Treasury market, giving Circle an advantage and fueling suspicions of regulatory capture.

Also read: Bitcoin (BTC) Price Breaks $90,000, Opens Opportunity in CME Futures Market!

Tether’s Position in the Global Market and its Distribution Strategy

Tether still holds the position as the stablecoin with the largest market capitalization, at $142 billion, backed by around $115 billion in US Treasury securities.

Tether has developed an extensive distribution network for over a decade, which includes thousands of kiosks in Africa and South America and digital remittance services.

According to Ardoino, USDT has become a very effective tool for distributing US Dollars in emerging markets. This statement comes after Jeremy Allaire stated that his competitors are trying to destabilize Tether’s position and threaten the dominance of the US Dollar.

Conclusion

With the appointment of a new CFO and plans for a more comprehensive financial audit, Tether seeks to strengthen its position in the global market and meet transparency demands from users and regulators.

This move is crucial for Tether’s future and could be pivotal in meeting global financial and regulatory standards in the crypto industry.

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Reference

• Crypto News. Tether Targets Full Financial Audit, Hires Simon McWilliams as CFO. Accessed on March 5, 2025
• Featured Image: Corporate Finance Institute