Tether is doubling down on its promise to be transparent, announcing a “full audit” is in the works. This commitment comes hot on the heels of welcoming Simon McWilliams as their new Chief Financial Officer (CFO).

According to a statement released on March 3, the team behind the USDT stablecoin highlighted McWilliams’ impressive background. They noted he’s a seasoned finance pro with over 20 years of experience navigating big investment firms through tough financial audits.

The company suggests McWilliams’ arrival is a deliberate step forward, aimed at boosting their regulatory game and raising the bar for industry best practices.

Tether’s CEO, Paolo Ardoino, made it clear that McWilliams’ deep knowledge of financial audits makes him the perfect person to spearhead the company’s drive toward being more open and transparent.

He explained:

“With Simon leading the charge, we’re taking concrete steps towards a full audit. This underscores our commitment to supporting the strength of the US financial system and deepening our relationships with institutional partners.”

Adding to the leadership shuffle, Tether also announced a change at the top. Giancarlo Devasini, the outgoing CFO, is stepping into the role of Chairman of the Group.

As Chairman, Devasini will be putting his energy into big-picture macroeconomic strategy, ensuring Tether keeps contributing to the US financial framework while also championing the worldwide growth of digital assets.

Tether is Audit: What’s the Big Deal?

So, why is everyone talking about a full audit? Essentially, it would give investors a much clearer picture of exactly what Tether holds in reserve.

While Tether has been regularly providing quarterly updates, reviewed by the accounting firm BDO, they haven’t yet undergone a truly independent and comprehensive audit.

This gap in transparency has kept alive the doubts about whether Tether actually has the reserves to fully back every single USDT token floating around.

Even though Tether insists their stablecoin is fully backed, critics are still pushing for a formal audit. They argue it’s the only way to truly verify Tether’s financial health and understand any potential risks.

Jane Adams, who ran for the US House of Representatives in 2024, also expressed skepticism about Tether’s latest move. She pointed to Tether’s history of avoiding audits and questioned if simply hiring a CFO would really address the underlying questions about their reserves.

Adams put it bluntly:

“Bringing in a ‘force of nature’ CFO doesn’t magically make the questions about their reserves disappear. They talk transparency, but we’ll believe it when we actually see it.”

Tether’s Ardoino has consistently maintained that they’ve done everything possible to be transparent. He has also mentioned that many major US accounting firms are unwilling to work with Tether, limiting their choices.