3 March 2025 – Tether, the pioneer of the stablecoin industry and issuer of USD₮, today announced the appointment of Simon McWilliams as Chief Financial Officer (CFO) as the company takes a historic step toward a full financial audit. 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 McWilliams, Tether is making a firm commitment to completing a full audit, a crucial step in raising industry standards and strengthening regulatory engagement. While 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.
“Simon’s expertise in financial audits makes him the perfect CFO to lead Tether into this new era of transparency,” said Paolo Ardoino, CEO of Tether. “With his leadership, we are moving decisively toward a full audit, reinforcing our role in supporting U.S. financial strength and expanding institutional engagement.”
Tether’s Role in Supporting U.S. Financial Strength
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 United States.
With over $113 billion in U.S. Treasury holdings, Tether is now the 18th largest holder of U.S. government debt, surpassing major economies such as Germany and the UAE. These holdings provide critical liquidity and strength to the U.S. debt market, removing the threat of single decision-makers from antagonist countries and reinforcing global confidence in the dollar’s stability.
As demand for dollar-backed assets grows, Tether has become the largest digital conduit for U.S. dollar access, benefiting over 400 million users worldwide, particularly those in emerging markets and the unbanked population, left behind by the banking industry for being too poor to sustain expensive bank account fees. By digitalizing the dollar, Tether has widened access to U.S. financial instruments, ensuring that both institutions and individuals can leverage the strength of the U.S. economy.
As it moves towards a full audit, Tether is reinforcing trust, accountability, and financial inclusion on a global scale.
Giancarlo Devasini Transitions to Chairman of the Group
Alongside this strategic financial shift, Giancarlo Devasini, the visionary behind USD₮, will transition from CFO to Chairman of the Group. Over the past decade, Devasini has played a fundamental role in shaping Tether’s success, driving its expansion into the largest stablecoin issuer in the world.
In his new role, Devasini will focus on macroeconomic strategy, guiding Tether as it continues to support the U.S. financial system while advancing digital asset adoption globally.
“We are profoundly grateful for Giancarlo’s unwavering dedication, groundbreaking innovation, and inspiring leadership,” said 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.”
