{"id":467929,"date":"2025-03-03T15:00:35","date_gmt":"2025-03-03T15:00:35","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=467929"},"modified":"2025-03-03T14:48:31","modified_gmt":"2025-03-03T14:48:31","slug":"tether-promises-full-audit-with-new-cfo-as-transparency-continually-questioned","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/tether-promises-full-audit-with-new-cfo-as-transparency-continually-questioned\/","title":{"rendered":"Tether promises full audit with new CFO as transparency continually questioned"},"content":{"rendered":"

Tether<\/a> has reaffirmed its commitment to transparency by pledging to complete a “full audit” following the appointment of Simon McWilliams as its new Chief Financial Officer (CFO).<\/p>\n

In a statement<\/a> released on March 3, the USDT<\/a> stablecoin issuer described McWilliams as a seasoned finance executive with over two decades of experience guiding major investment firms through stringent audits.<\/p>\n

According to the firm, his appointment signals a strategic move to enhance regulatory compliance and improve industry standards.<\/p>\n

Tether's CEO Paolo Ardoino<\/a> emphasized that McWilliams' expertise in financial audits makes him the ideal candidate to drive the company's push for greater transparency.<\/p>\n

He stated:<\/p>\n

“With his leadership, we are moving decisively toward a full audit, reinforcing our role in supporting US financial strength and expanding institutional engagement.”<\/p><\/blockquote>\n

Alongside McWilliams' appointment, Tether has announced a leadership transition. Giancarlo Devasini, who previously served as CFO, will take on the role of Chairman of the Group.<\/p>\n

In this position, Devasini will focus on macroeconomic strategy, ensuring Tether continues to support the US financial system while driving the global adoption of digital assets.<\/p>\n

Tether's full audit<\/h2>\n

A full audit would give investors a clearer understanding of Tether's reserve holdings.<\/p>\n

Although the company has consistently released quarterly attestations<\/a> verified by accounting firm BDO, it has yet to complete an independent, comprehensive audit.<\/p>\n

This lack of transparency has fueled ongoing skepticism about whether Tether's reserves fully back all USDT tokens in circulation.<\/p>\n

Despite the company's assurances that its stablecoin remains fully backed, critics argue that a formal audit is necessary to confirm its financial standing and assess potential risks.<\/p>\n

A 2024 US House of Representatives candidate, Jane Adams, voiced skepticism about Tether's move. She criticized the company for evading audits in the past and questioned whether hiring a CFO would resolve concerns about its reserves.<\/p>\n

According to Adams:<\/p>\n

“Hiring a ‘force of nature' CFO doesn't erase questions about their reserves. Transparency? We'll believe it when we see it.”<\/p><\/blockquote>\n

Tether's Ardoino has persistently asserted that Tether has done its best to be as transparent as it can, stating that many top US accounting firms refuse to do business with Tether,<\/a> limiting options.<\/p>\n","protected":false},"excerpt":{"rendered":"

Tether has reaffirmed its commitment to transparency by pledging to complete a “full audit” following the appointment of Simon McWilliams as its new Chief Financial Officer (CFO). In a statement released on March 3, the USDT stablecoin issuer described McWilliams as a seasoned finance executive with over two decades of experience guiding major investment firms […]<\/p>\n","protected":false},"author":720,"featured_media":467943,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[77968,11,32631],"tags":[76896,72860],"post_folder":[],"acf":[],"yoast_head":"\nTether promises full audit with new CFO as transparency continually questioned<\/title>\n<meta name=\"description\" content=\"Tether pledges a full audit amid criticism, seeking to prove its stablecoin's reserves are fully backed with new leadership.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/tether-promises-full-audit-with-new-cfo-as-transparency-continually-questioned\/\" \/>\n<meta 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