Tether has re -confirmed his dedication to transparency by promising to complete a “full audit” after the appointment of Simon McWilliams as his new Chief Financial Officer (CFO).
In a statement issued on 3 March, the USDT Stablecoin -Emittent McWilliams described as an experienced financial director with more than two decades of experience in supervising large investment companies through strict audits.
According to the company, its agreement means a strategic step to improve compliance with regulations and to improve industrial standards.
Tether’s CEO Paolo Ardoino emphasized that the expertise of McWilliams in financial audits makes him the ideal candidate to stimulate the company’s urge for more transparency.
He explained:
“With his leadership we go decisively to a complete audit, which strengthens our role in supporting the financial strength of the US and expanding institutional involvement.”
In addition to the appointment of McWilliams, Tether has announced a leadership transition. Giancarlo Devasini, who previously served as CFO, will take on the role of chairman of the group.
In this position, Devasini will concentrate on the macro -economic strategy, so that Tether continues to support the American financial system while stimulating the global acceptance of digital assets.
Tether’s full audit
A complete audit would give investors a better understanding of Tether’s reserve holdings.
Although the company has consistently released three -month certificates that have been verified by the BDO accountancy firm, it should not yet complete an independent, extensive audit.
This lack of transparency has fueled the continuous skepticism about whether Tether’s reserves can fully support all USDT tokens in circulation.
Despite the company’s guarantees that Stablecoin remains fully supported, critics claim that a formal audit is needed to confirm its financial status and to assess potential risks.
A candidate from the American House of Representatives from 2024, Jane Adams, expressed skepticism about Tether’s Move. She criticized the company for avoiding audits in the past and wondered if hiring a CFO would solve about the reserves.
According to Adams:
“Hiring a ‘natural force’ CFO did not know any questions about their reserves. Transparency? We will believe it when we see it. “
Tether’s Ardoino has constantly claimed that Tether has done his best to be as transparent as possible, and explains that many top -american accounting firms refuse to do business with tether, limiting options.