tl;dr
Tether has promised a full audit with its new CFO, Simon McWilliams, in a move to enhance transparency and regulatory compliance. The company's CEO emphasized McWilliams' expertise in financial audits and his role in driving the push for greater transparency. Despite quarterly attestations, Tether h...
Tether has pledged a full audit with its new CFO, Simon McWilliams, to enhance transparency and regulatory compliance. The company's CEO emphasized McWilliams' expertise in financial audits and his role in driving the push for greater transparency. Despite quarterly attestations, Tether has yet to complete an independent, comprehensive audit, leading to skepticism about its reserve holdings. Critics, including US House of Representatives candidate Jane Adams, question whether hiring a CFO resolves concerns about Tether's reserves, highlighting ongoing transparency issues.
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 through stringent audits. According to the firm, his appointment signals a strategic move to enhance regulatory compliance and improve industry standards. Tether’s CEO Paolo Ardoino emphasized that McWilliams’ expertise in financial audits makes him the ideal candidate to drive the company’s push for greater transparency. He stated: “With his leadership, we are moving decisively toward a full audit, reinforcing our role in supporting US financial strength and expanding institutional engagement.”
A full audit would give investors a clearer understanding of Tether’s reserve holdings. Although the company has consistently released quarterly attestations verified by accounting firm BDO, it has yet to complete an independent, comprehensive audit. This lack of transparency has fueled ongoing skepticism about whether Tether’s reserves fully back all USDT tokens in circulation. 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.