Tether hired a Chief Financial Officer to address lingering audit concerns.
Tether, the largest Stablecoin Token (USDT) operator, has announced that Simon McWilliams will take on the role and lead the company towards a full financial audit. This move can address ongoing scrutiny of Tether's operations, particularly with regard to the lack of a comprehensive audit.
Following the collapse of the crypto market in 2022, users and institutional investors have sought greater transparency. Exchange published a Reform-of-Reserves report to ensure that it ideally uses the surplus of assets to hold matching deposits.
Following Suit, Tether presented quarterly proofs conducted by independent consulting firm BDO Italia. However, some users remained skeptical and requested a full financial audit rather than proof.
“Simon's expertise in financial auditing makes him the perfect CFO to guide Tether into this new era of transparency,” Tether CEO Paolo Aldoino said in a statement on Monday, March 3rd. McWilliams took over Giancarlo Devasini as CFO, and Devasini moved into a new role as chairman of Tether Group.
The major staffing changes came as the US Stubcoin Act gained momentum in Congress. Republican leader Brian Steele introduced stable conduct in the House as a natural counterpart of Senator Bill Hagerty's genius law.
Meanwhile, Wyoming Sen. Cynthia Lumith, chaired the first Senate Banking Subcommittee on Digital Assets, stressed that lawmakers prioritize Stablecoin regulations before addressing bills for the broader crypto market structure.
Circle CEO Jeremy Allaire advocates registering US dollar Stablecoin publishers nationally, claiming to protect consumers better. But we speculate that new regulatory requirements can effectively block offshore issuers like Tether from accessing the U.S. Treasury market. Critics argue that this could provide an unfair advantage to the circle, promoting accusations of regulatory capture.
The Ardoino post is just before Allaire's statement expands social media ante. According to Tether's CEO, Stablecoin's rivals attempted to “kill Tether” and undermine “the best allies with the US dollar hegemony.” USDT remains the largest stubcoin, with a market capitalization of $142 billion, backed by the US Treasury Department's roughly $115 billion.
