Tether Makes Management Changes to Drive Full Audit, Transparency Focus

The latest move will also see Mr Giancarlo Devasini, the visionary behind USD₮, transition from CFO to Chairman of the Group.

Mr McWilliams, a seasoned finance executive with over 20 years of experience leading large investment management firms through rigorous audits, will spearhead Tether’s further commitment to transparency and regulatory readiness.

With the appointment of Mr McWilliams, Tether is making a firm commitment to completing a full audit, a crucial step in raising industry standards and strengthening regulatory engagement.

Tether has already set the benchmark for stablecoin transparency through quarterly attestations with BDO, the top five leading global independent accounting firm, a full audit will ensure greater financial integrity and verification of reserves.

The audit is a crucial step in Tether’s broader strategy to expand across the institutional financial system. Over the past several months, Tether has been preparing for these moves, underscoring its commitment to transparency and regulatory engagement.

As part of its global expansion, the company recently relocated to El Salvador after securing a Digital Asset Service Provider (DASP) license.

“These developments reinforce Tether’s operational foundation and position it for future growth. As policymakers and institutions assess the evolving role of stablecoins, Tether is positioning itself as a trusted partner in strengthening the global reach of the U.S. dollar,” it said it a statement shared with Business Post on Monday.

Speaking on the latest move, Mr Paolo Ardoino, CEO of Tether, said, “Simon’s expertise in financial audits makes him the perfect CFO to lead Tether into this new era of transparency.

“With his leadership, we are moving decisively toward a full audit, reinforcing our role in supporting U.S. financial strength and expanding institutional engagement.”

For Mr Devasini, in his new role, he will focus on macroeconomic strategy, guiding Tether as it continues to support the US financial system while advancing digital asset adoption globally.

“We are profoundly grateful for Giancarlo’s unwavering dedication, groundbreaking innovation, and inspiring leadership,” said Mr Ardoino. “His visionary approach has been pivotal in shaping Tether into the industry leader it is today. As he steps into his new role as Chairman, we are confident that his strategic insight will continue to drive the company’s long-term vision and success.”

Tether, founded in 2014, is the company that created stablecoin technology, which now powers a $220 billion industry and is of strategic interest to several institutions and governments, including the US.

Tether is now the 18th largest holder of US government debt, with over $113 billion in US Treasury holdings, it has surpassed major economies such as Germany and the United Arab Emirates (UAE).